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Alternative Market Briefing

Financial Stability Board's Shadow Banking Report includes for first time Cayman hedge funds but misses China

Tuesday, May 30, 2017

Matthias Knab, Opalesque:

The Financial Stability Board (FSB) has published its new Global Shadow Banking Monitoring Report this month.

This annual monitoring exercise, covering data up to end-2015 from 28 jurisdictions and representing over 80% of global GDP, now includes for the first time Belgium and the Cayman Islands. The FSB said that about 90% of hedge funds reported by 28 jurisdictions are domiciled in the Cayman Islands.

As in the 2015 monitoring exercise, the Report compares the size and trends of financial sectors across jurisdictions based on sector balance sheet data. Its focus then narrows to those parts of non-bank credit intermediation that may pose financial stability risks (hereafter the "narrow measure" or "narrow measure of shadow banking").

While all participating jurisdictions are covered in the "macro-mapping" of jurisdictions' financial system, data from China were not received in time to complete an assessment of entities in China for the narrow measure of shadow banking. Improvements to Chinese data collection are currently underway in order to enable Chinese authorities to fully contribute to the 2017 monitoring exercise.

One finding of the report was that credit intermediated by collective investment vehicles (CIVs) with features that make them susceptible to runs (e.g. open-ended fixed income funds, credit hedge funds, real estate funds, and MMFs), represents 65% of the narrow measure of shadow banking.

On average, assets o......................

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