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Shadow banking is a form of bank-like intermediation where regulatory standards are looser than for regular banks. It includes money market funds and other funds using leverage, securities and derivatives dealers, securitisations, securities financing transactions and derivatives, as well as new players like digital lenders and stablecoins. We look at theoretical contributions and empirical data and suggest possible policy options. We recommend that rules be unambiguous and apply to all institutions ...

The increased volume of “leveraged finance” in the banking sector has recently led US, EU, and international supervisory authorities to caution against related financial stability risks. This briefing summarises (i) the concept of leveraged finance, (ii) the warnings that the different supervisory authorities have issued, (iii) the market developments, (iv) key financial stability risks, (v) and the related actions taken so far by the ECB.

Money Market Funds (MMFs) are a type of collective fund that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis their liquidity and stability were challenged, which prompted the Commission to propose a regulation on MMFs, in 2013. Its proposal aimed to improve their ability to weather stressed market conditions, mainly through establishing a capital buffer, introducing conditions on portfolio structure, addressing ...

This briefing is provided in advance of a regular public hearing with the Chair of the ESRB. It focuses on the ESRB most recent activity: ESRB latest assessment of the risks to financial stability, overview of national macro-prudential policies in 2015, macro-prudential policy beyond banking and the first EU shadow banking monitor, the ESRB response to the Commission public consultation on the review of the macro-prudential framework.