1、 Global Monitoring Report on Non-Bank Financial Intermediation 2024 16 December 2024 The Financial Stability Board(FSB)coordinates at the international level the work of national financial authorities and international standard-setting bodies in order to develop and promote the implementation of eff

2、ective regulatory,supervisory and other financial sector policies.Its mandate is set out in the FSB Charter,which governs the policymaking and related activities of the FSB.These activities,including any decisions reached in their context,shall not be binding or give rise to any legal rights or obli

3、gations.Contact the Financial Stability Board Sign up for e-mail alerts:www.fsb.org/emailalert Follow the FSB on X/Twitter:FinStbBoard E-mail the FSB at:fsbfsb.org Copyright 2024 Financial Stability Board.Please refer to the terms and conditions iii Table of Contents Executive Summary.1 Introduction

4、.4 1.Financial Intermediation in the Global Financial System.6 1.1.Macro Developments in 2023.6 1.2.NBFI Sector Developments.8 1.3.Narrow Measure Developments.13 2.Key Areas of Monitoring.16 2.1.Credit Intermediation.16 2.2.Wholesale Funding and Repurchase Agreements.18 2.3.Financial Leverage.20 2.4

5、.Interconnectedness.21 3.The Narrow Measure of NBFI.25 3.1.Collective investment vehicles with features that make them susceptible to runs(EF1).25 3.2.Loan provision dependent on short-term funding(EF2).29 3.3.Intermediation of market activities dependent on short-term funding(EF3).33 3.4.Facilitati

6、on of credit intermediation(EF4).36 3.5.Securitisation-based credit intermediation(EF5).37 Annex 1:Statistical Annex.41 Annex 2:Jurisdiction-specific financial sectors.54 Annex 3:Summary table.56 Annex 4:Main development per major NBFI sub-sectors.57 Annex 5:Narrowing down and exclusion of NBFI enti