摘要：the global financial crisis has brought market-based financing (mBF) out of the shadows and into the lime-light mBF refers to credit-intermediation activities similar to those performed by banks Like bank intermediation, these activities involve maturity or liquidity transformation, possibly with s ome degree of leverag e, but they are con-ducted primarily via markets rather than within financial institutions (although in many instances a bank is involved at some point in the intermediation chain) the mBF secto r is often referred to as the "parallel," "shadow" or "unregu-lated" banking sector, because mBF intermediation activi-ties are subject to a different reg ulatory framework, and typically are not prudentially regulated and super vised to the same extent as the traditional intermediation activities performed by banks (Financial Stability Board 2011a) 1For the purpose of this article, we define mBF to include inter-mediation activities that are closer in nature to traditional bank intermediation and to exclude conventional corpo -rate debt or equity financing, since those activities do not incorporate significant maturity or liquidity transformation the mBF sector is defined to encompass bank-like inter-mediation activities, as well as the related markets and their participants
