As a share of GDP, Canadian shadow banking is roughly 40 per cent, compared with about 95 per cent in the United States.6  4  Committee on the Global Financial System, 2010, “The Role of Margin Requirements and Haircuts in Procyclicality,” CGFS Publications No. 36.
5  Financial Stability Board, 2012, “Securities Lending and Repos: Market Overview and Financial Stability Issues,” Interim Report of the FSB Workstream on Securities Lending and Repos, 27 April.