This is the outcome of a global quest for risk diversification. These refer to 2015 (latest available). Source: International Securities Lending Association. See also: FSB (2013), ‘Strengthening Oversight and Regulation of Shadow Banking: Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos’, August; FSB (2017), ‘Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities’, January.
8 FSB (2018), ‘Global shadow banking monitoring report’. 9 European Central Bank (2018), ‘Financial Stability Report’, May. 10 I. Ben-David, F. Franzoni, R. Moussawi, and J. Sedunov, ‘The Granular Nature of Large Institutional Investors’, NBER Working Paper No. 22247, May 2016.