Industry WIKI

The Public Works Loan Board (PWLB) (Welsh: Bwrdd Benthyciadau Gwaith Cyhoeddus) was a statutory body of the UK Government that provided loans to public bodies from the National Loans Fund. In 2020, the PWLB was abolished as a statutory organisation, and its functions were allocated to HM Treasury, where they are discharged through the UK Debt Management Office. The members of the PWLB we

The Public Works Loans Act 1875 (38 & 39 Vict. c. 89) is an act of the Parliament of the United Kingdom that consolidated enactments relating to loans for public works in the United Kingdom. The act created the Public Works Loan Commissioners, who replaced the earlier Exchequer Bill Commissioners, and it remains, together with the National Loans Act 1968, one of the principal statutory s

Publix Super Markets, Inc., doing business as Publix, is an employee-owned American supermarket chain headquartered in Lakeland, Florida. Founded in 1930 by George W. Jenkins, Publix is a private corporation that is wholly owned by present and past employees and members of the Jenkins family. Publix operates throughout the Southeastern United States, with locations in Florida (897), Geor

pump.fun (commonly referred to as Pump) is a cryptocurrency launchpad for the Solana blockchain that enables users to create tokens and trade them immediately on the platform, as well as to launch them onto decentralized exchanges, a process known as "graduation". The platform was launched on January 19, 2024, by Noah Tweedale, Alon Cohen and Dylan Kerler.

The Qatari riyal (Arabic: ريال قطري; sign: QR in Latin, ر.ق in Arabic; ISO code: QAR) is the official currency of the State of Qatar. Each riyal, the base unit, is divided into 100 dirhams (Arabic: درهم).

Quadriga Fintech Solutions was the owner and operator of QuadrigaCX. QuadrigaCX was believed to be Canada's largest cryptocurrency exchange at the time of its collapse in 2019, with the exchange ceasing operations and the company filing for bankruptcy with C$215.7 million in liabilities and about C$28 million in assets.

Qualified residence interest is the most significant exception to the limitations imposed by § 163(h) of the Internal Revenue Code.

Quantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds, company shares, or other financial assets (liquidity) in order to artificially stimulate economic activity. Quantitative easing is a novel form of monetary policy that began in Japan and came into wide application in the US following the 2008 financial crisis. It

The quantity theory of money (QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially explains inflation. It originated in the 16th century and has been pr

In finance, the quick ratio, also known as the acid-test ratio, is a liquidity ratio that measures the ability of a company to use near-cash assets (or 'quick' assets) to extinguish or retire current liabilities immediately. It is the ratio between quick assets and current liabilities.

In finance, quote stuffing refers to a form of market manipulation employed by high-frequency traders (HFT) that involves quickly entering and withdrawing a large number of orders in an attempt to flood the market. This can create confusion in the market and trading opportunities for high-speed algorithmic traders. The term is relatively new to the financial market lexicon and was coined

Rain is a Middle Eastern cryptocurrency exchange company that operates through its holding company, Rain Financial Inc., which oversees Rain Management W.L.L. in Bahrain,

Rajshahi Krishi Unnayan Bank is a state-owned specialized financial institution for extending credit to the farmers of the 16 districts of Rajshahi and Rangpur divisions in Bangladesh. The headquarters of the bank is in Rajshahi.

In economics, nominal value refers to value measured in terms of absolute money amounts, whereas real value is considered and measured against the actual goods or services for which it can be exchanged at a given time. Real value takes into account inflation and the value of an asset in relation to its purchasing power. In macroeconomics, the real gross domestic product compensates for i

A real estate mortgage investment conduit (REMIC) is a business entity that issues investment securities representing interests in a portfolio of mortgages. Under U.S. Federal income tax law a REMIC can qualify for treatment as a partnership, with tax payable by investors rather than the entity. REMICs are used for the pooling of mortgage loans and issuance of mortgage-backed securities

The real interest rate is the rate of interest an investor, saver or lender receives (or expects to receive) after allowing for inflation. It can be described more formally by the Fisher equation, which states that the real interest rate is approximately the nominal interest rate minus the inflation rate.

Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a "gross" basis to avoid settlement risk. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. H

In monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation. It may be done because inflation has made the currency unit so small that only large denominations of the currency are in circulation. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenominat

The Regional Economic Intelligence Committee is the apex forum overseeing government agencies responsible for economic intelligence and combating economic offenses in the respective states of India. The committee is under the Economic Intelligence Council. It was formed in 1990. The head of the committee is usually the Director General of the Directorate General of Income Tax Investigat

In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to offer and sell their secu

The regulation of cryptocurrency constitutes regulatory, legal and political actions taken by various governments to regulate and oversee the development and adoption of bitcoin, cryptocurrencies and blockchain technologies. Restrictions on cryptocurrency have been motivated by concerns regarding financial stability, consumer protection, national security, and enforcing laws against mon

Regulation S-X is a prescribed regulation in the United States of America that lays out the specific form and content of financial reports, specifically the financial statements of public companies. It is cited as 17 C.F.R. Part 210; the name of the part is "Form and Content of and Requirements for Financial Statements, Securities Act of 1933, Securities Exchange Act of 1934, Public Util

Regulatory capitalism suggests that the operation maintenance and development of the international political economy increasingly depends on administrative rules outside the legislatures and the courts. In other words, it tells us that capitalism is a regulatory institution – one that is being constituted, shaped, constrained and expanded as a historically woven patchwork of regulatory i

Remgro Limited is a South African investment holding company, based in Stellenbosch.

Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 170 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021.

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland.

International money transfers made by migrant workers and immigrants sending a portion of their earnings to their families in their country of origin are known as remittances. Remittances are an important aspect of the global economy, totaling an estimated $601 billion (USD) for the year 2015. The United States is currently the largest source of international remittances in the world, se

A remortgage (known as refinancing in the United States) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in the United Kingdom, though what it describes is not unique to any one country. Often the purpose of switching is to secure a more favorable interest rate from a different lende

Renminbi currency value is a debate affecting the Chinese currency unit, the renminbi (Chinese: 人民币 Code:CNY). The renminbi is classified as a managed floating exchange rate currency "with reference to a basket of currencies", which has drawn attention from nations which have freely floated currencies and has become a source of trade friction with Western nations.

Rental value is the fair market value of property while rented out in a lease. More generally, it may be the consideration paid under the lease for the right to occupy, or the royalties or return received by a lessor (landlord) under a license to real property. In the science and art of appraisal, it is the amount that would be paid for rental of similar real property in the same condi

Republic is a global financial firm operating an enterprise-focused digital merchant bank and a network of retail-focused investment platforms. Backed by Morgan Stanley, Valor Equity Partners, Galaxy Interactive, Hashed, AngelList and other leading institutions, Republic boasts a portfolio of over 2,500 companies and a community of 3 million members from over 150 countries. More than $2.

The Republika Srpska Securities Commission (Serbian: Комисија за хартије од вриједности Републике Српске or Komisija za hartije od vrijednosti Republike Srpske) is a financial services regulator in Republika Srpska, Bosnia and Herzegovina. It is based in the city of Banja Luka.

In February 1918, shortly after the Bolsheviks seized power in the Russian Revolution, their Council of People's Commissars repudiated the sovereign debt and other financial obligations of Russia. This position shocked international finance and triggered unanimous condemnation by the governments of the great powers. The British, and especially the French, had lost millions of pounds of f

Reputation capital is the quantitative measure of some entity's reputational value in some context – a community or marketplace. In the world of Web 2.0, what is increasingly valuable is trying to measure the effects of collaboration and contribution to community. Reputation capital is often seen as a form of non-cash remuneration for their efforts, and generally generates respect within

A reserve currency is a foreign currency that is held by governments, central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency.

Reserve requirements are central bank regulations that set the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the commercial bank's reserve, is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank. This rate is commonly referred to as the cash reserve ratio or sh

In real estate, a reserve study is a long-term capital budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset ongoing deterioration, resulting in sufficient funds when those anticipated major common area expenditures actually occur. The reserve study consists of two parts: the physical analysis and the financial anal

Residual income valuation (RIV), also called the residual income model or residual income method (RIM), is an approach to equity valuation that formally accounts for the cost of equity capital. Here, "residual" means in excess of any opportunity costs measured relative to the book value of shareholders' equity; residual income (RI), or economic profit, is then the income generated by a f

Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate banking).

Return on capital (ROC), or return on invested capital (ROIC), is a ratio used in finance, valuation and accounting, as a measure of the profitability and value-creating potential of companies relative to the amount of capital invested by shareholders and other debtholders. It indicates how effective a company is at turning capital into profits.

Return on capital employed is an accounting ratio used in finance, valuation, and accounting. It is a useful measure for comparing the relative profitability of companies after taking into account the amount of capital used.

The return on equity (ROE) is a measure of the profitability of a business in relation to its equity;

Return on Tangible Equity (ROTE) is a financial performance metric that measures a company's profitability relative to its tangible common equity. Unlike Return on Equity, ROE, which includes intangible assets such as goodwill, ROTE focuses solely on the tangible portion of shareholders' equity, excluding intangible assets and preferred equity. This makes ROTE particularly useful for eva

Revolut Group Holdings Ltd, known as Revolut, is a British multinational neobank and financial technology company headquartered in London, England. It was founded in July 2015 by Nik Storonsky and Vlad Yatsenko. The company offers free and subscription‑based digital banking services, primarily through a mobile app.

The Rhode Island banking crisis took place in the early 1990s, when approximately a third of the U.S. state of Rhode Island's population lost access to funds in their bank accounts. The events were triggered by the failure of a Providence bank, Heritage Loan & Investment, due to long-term embezzlement by its president. News of its problems led to a bank run in which customers tried to wi

A risk pool is a form of risk management that is mostly practiced by insurance companies, which come together to form a pool to provide protection to insurance companies against catastrophic risks such as floods or earthquakes. The term is also used to describe the pooling of similar risks within the concept of insurance. It is basically like multiple insurance companies coming together

A risk premium is a measure of excess return that is required by an individual to compensate being subjected to an increased level of risk. It is used widely in finance and economics, the general definition being the expected risky return less the risk-free return, as demonstrated by the formula below.

A risk-free bond is a theoretical bond that repays interest and principal with absolute certainty. The rate of return would be the risk-free interest rate. It is primary security, which pays off 1 unit no matter state of economy is realized at time

Robert Bernard Anderson (June 4, 1910 – August 14, 1989) was an American administrator, politician, and businessman. He served as the Secretary of the Navy between February 1953 and March 1954. He also served as the Secretary of the Treasury from 1957 until 1961, and was one of President Dwight Eisenhower's closest confidants.

Robert Morris Jr. (January 20, 1734 – May 8, 1806) was a British-born American merchant, investor, and politician, and one of the Founding Fathers of the United States. Morris served in the Pennsylvania legislature, the Second Continental Congress, and the United States Senate. He was one of only two individuals (along with Roger Sherman) to sign the Declaration of Independence, the Arti

Roberta Sarah Karmel (née Segal; May 4, 1937 – March 23, 2024) was an American attorney and the Centennial Professor of Law, and Co-Director of the Center for the Study of International Business Law, at Brooklyn Law School. She was the first female Commissioner of the Securities and Exchange Commission.

A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. Members all chip in regularly and take turns withdrawing accumulated sums.

Rotkiske v. Klemm, 589 U.S. 8 (2019), was a decision by the Supreme Court of the United States involving the statute of limitations under the Fair Debt Collection Practices Act of 1977. The Court ruled that the statute of limitations begins one year after the alleged FDCPA violation took place, not one year after the violation was discovered by the plaintiff. This ruling affirmed a decis

In the United States, an ABA routing transit number (ABA RTN) is a nine-digit code printed on the bottom of checks to identify the financial institution on which it was drawn. The American Bankers Association (ABA) developed the system in 1910 to facilitate the sorting, bundling, and delivering of paper checks to the drawer's (check writer's) bank for debit to the drawer's account.

The Royal Mint Limited is the United Kingdom's official maker of British coins. It is currently located in Llantrisant, Wales, where it moved in 1968.

Royal Mint Gold was a digital gold currency and a cryptocurrency backed by gold reserves in the UK Royal Mint. The Royal Mint launched a digitized token called RMG, representing one gram of physical gold per token, in 2016. It began testing blockchain transactions in April 2017. The first test transaction was in August 2017. The rollout was originally scheduled to occur by the end of 20

A rural credit cooperative (RCC) (Chinese: 农村信用合作社) or (simplified Chinese: 农村信用社; traditional Chinese: 農村信用社; pinyin: nóngcūn xìnyòngshè) is a cooperative or credit union sanctioned by People's Bank of China to provide credit in the rural areas of the People's Republic of China.

The Russo-Iranian Bank (RIB), Russian: Русско-иранский банк, Persian: بانک روس و ایران), also known a Rusiranbank (Русиранбанк), known before 1935 as Banque Russo-Persane (Русско-персидский банк) or Ruspersbank (Русперсбанк), was a Soviet-sponsored bank headquartered in Tehran.

A safe deposit box, sometimes referred to as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices, or other institutions.

SafeCharge, was a Canadian payment service provider that provided payment services, fraud prevention solutions and connection to payment methods. In August 2019 SafeCharge was acquired by Nuvei, a privately owned electronic payment processing company, for the amount of US$889 million and was merged into Nuvei.

SafeMoon LLC was an American cryptocurrency and blockchain company created in March 2021. The company created the SafeMoon token (SFM) which traded on the BNB Chain blockchain. The token charged a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The toke

Sage Pay was a payment processing service operated by Sage Group between 2006 and 2020. Originally founded as Protx, the company provided online, telephone, and point-of-sale payment solutions to small and medium-sized businesses across the United Kingdom, Ireland, Germany, Spain, South Africa, and the United States.

The Saint Helena pound (symbol: £; currency code: SHP) is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituent parts of the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha. It is fixed at parity with sterling, and so both currencies are commonly accepted and circulated within Saint Helena. Its base unit is the pound, which i

Salik (In Arabic: سالك meaning "clear and moving") is the name given to the electronic toll road system in Dubai, United Arab Emirates, which is based on RFID and ANPR technology, automatically deducting a fee when a vehicle passes under a toll gate. The Salik toll was launched by Dubai's Roads and Transport Authority (RTA) on 1 July 2007.

A samurai bond is a yen-denominated bond issued in Tokyo by non-Japanese companies, and is subject to Japanese regulations. These bonds provide the issuer with an access to Japanese capital, which can be used for local investments or for financing operations outside Japan. Foreign borrowers may want to issue in Samurai market to hedge against foreign currency exchange risk. Another in

The Saudi riyal (symbol: ⃁; code: SAR) is the currency of Saudi Arabia. Each riyal, the base unit, is subdivided into 100 halala (Arabic: هللة Halalah).

A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of checks and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not pr

A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They ar

Saxo Bank is a Danish investment bank specialising in online trading and investment. It provides access to financial instruments, including Forex, stocks, CFDs, futures, funds, bonds and futures spreads through its SaxoInvestor and SaxoTrader platforms.

A scam center, fraud factory, fraud park, scam factory, scam compound, scam hub, scam park, fraud center, fraud compound, or fraud hub is a collection of large fraudulent organizations usually involved in human trafficking operations, generally found in Southeast Asia and usually operated by a criminal gang. Scam center operators lure foreign nationals to scam hubs, where they are forced

Science policy is concerned with the allocation of resources for the conduct of science towards the goal of best serving the public interest. Topics include the funding of science, the careers of scientists, and the translation of scientific discoveries into technological innovation to promote commercial product development, competitiveness, economic growth and economic development. Scie

In law, scienter (, Law Latin for "knowingly", Latin pronunciation: [skiˈɛntɛr], from Latin scire 'to know, to separate one thing from another') is a legal term for intent or knowledge of wrongdoing, or reckless disregard for the truth. An offending party then has knowledge of the "wrongness" of an act or event prior to committing it.

The Shanghai Cooperation Organisation Interbank Consortium (abbreviated as SCO IBC) is a platform for joint financing of development projects by members and other participants of the Shanghai Cooperation Organisation (SCO).

A scrip is any substitute for legal tender.

SEC Rule 10b-5, codified at 17 CFR 240.10b-5, is one of the most important rules targeting securities fraud in the United States. It was promulgated by the U.S. Securities and Exchange Commission (SEC), pursuant to its authority granted under § 10(b) of the Securities Exchange Act of 1934. The rule prohibits any act or omission resulting in fraud or deceit in connection with the purchase

SEC Rule 10b5-1, codified at 17 CFR 240.10b5-1, is a regulation enacted by the United States Securities and Exchange Commission (SEC) in 2000. The SEC states that Rule 10b5-1 was enacted in order to resolve an unsettled issue over the definition of insider trading, which is prohibited by SEC Rule 10b-5.

The vast majority of all second lien loans are senior secured obligations of the borrower. Second lien loans differ from both unsecured debt and subordinated debt.

The secondary banking crisis of 1973–1975 was a dramatic crash in British property prices that caused dozens of small ("secondary") lending banks to be threatened with bankruptcy.

In the United Kingdom, there are several secretaries to the Treasury, who are Treasury ministers nominally acting as secretaries to HM Treasury. The origins of the office are unclear, although it probably originated during Lord Burghley's tenure as Lord Treasurer in the 16th century. The number of secretaries was expanded to two by 1714 at the latest. The Treasury ministers together disc

The Securities and Futures Commission (SFC) is the independent statutory body of Hong Kong charged with regulating securities and futures markets. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in Asia. Even though it is considered to be a br

A securities class action (SCA), or securities fraud class action, is a lawsuit filed by investors who bought or sold a company's publicly traded securities within a specific period of time (known as a “class period”) and suffered economic injury as a result of violations of the securities laws.

A securities commission, securities regulator or capital market authority is a government department or agency responsible for financial regulation of securities products within a particular country. Its powers and responsibilities vary greatly from country to country, but generally cover the setting of rules as well as enforcing them for financial intermediaries and stock exchanges.

Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for the deceivers, and generally result in unfair monetary losses for the investors. They are generally violating

The Securities Investor Protection Corporation (SIPC) is a non-profit, member-funded, United States government corporation created under the Securities Investor Protection Act (SIPA) of 1970 that most US-registered broker-dealers are required to join. Although created by federal legislation and overseen by the Securities and Exchange Commission, the SIPC is neither a government agency no

Security market is a component of the wider financial market where securities can be bought and sold between subjects of the economy, on the basis of demand and supply. Security markets encompasses stock markets, bond markets and derivatives markets where prices can be determined and participants both professional and non professional can meet.

Securities market participants in the United States include corporations and governments issuing securities, persons and corporations buying and selling a security, the broker-dealers and exchanges which facilitate such trading, banks which safe keep assets, and regulators who monitor the markets' activities. Investors buy and sell through broker-dealers and have their assets retained b

Securities Transaction Tax (STT) is a tax payable in India on the value of securities (excluding commodities and currency) transacted through a recognised stock exchange. As of 2016, it is 0.1% for delivery based equity trading.

A security agreement, in the law of the United States, is a contract that governs the relationship between the parties to a kind of financial transaction known as a secured transaction. In a secured transaction, the Grantor (typically a borrower but possibly a guarantor or surety) assigns, grants and pledges to the grantee (typically the lender) a security interest in personal property w

A security deposit is a sum of money held in trust.

In law and finance, a security interest is a legal right that a secured party has over secured assets. Security interests most often arise where a debtor grants an interest over collateral to a creditor to secure the loan, such that the creditor will have enforceable rights in the event of the debtor's default or non-performance.

In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. The S-T-P framework implements market segmentation in three steps:

A self-invested personal pension (SIPP) is the name given to the type of UK government-registered personal pension scheme which allows individuals to make their own investment decisions from a wide range of investments by HM Revenue and Customs (HMRC).

Seller financing is a loan provided by the seller of a property or business to the purchaser. When used in the context of residential real estate, it is also called "bond-for-title" or "owner financing." Usually, the purchaser will make some sort of down payment to the seller, and then make installment payments (usually on a monthly basis) over a specified time, at an agreed-upon intere

On September 17, 2019, interest rates on overnight repurchase agreements (or "repos"), which are short-term loans between financial institutions, experienced a sudden and unexpected spike. A measure of the interest rate on overnight repos in the United States, the Secured Overnight Financing Rate (SOFR), increased from 2.43 percent on September 16 to 5.25 percent on September 17. During

Serviceability in Australian banking is the ability of a debtor to meet loan repayments. In the 1990s debt serviceability criteria had been relaxed, but nowadays it's harder to get finance. Every creditor has own serviceability model.

In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. The net claim i

Settlement is the "final step in the transfer of ownership involving the physical exchange of securities or payment". After settlement, the obligations of all the parties have been discharged and the transaction is considered complete.

Settlement risk, also known as delivery risk or counterparty risk, is the risk that a counterparty (or intermediary agent) fails to deliver a security or its value in cash as per agreement after the first party has delivered the security or cash value. The term covers factors incidental to the settlement process that may suspend or prevent a trade from completing, even should the partie

Sex differences in social capital are debated differences between men and women's ability to achieve their aims through social constructs such as trust, norms and networks. Social capital is often seen as the missing link in development. Social networks facilitate access to resources and protect the commons, whilst co-operation makes markets work more efficiently. Social capital has been

The shadow banking system is the collection of non-bank financial intermediaries (NBFIs), or nondepository financial institutions (NDFIs) that legally provide services similar to traditional commercial banks but outside normal banking regulations. S&P Global estimates that, at end-2022, shadow banking held about $63 trillion in financial assets in major jurisdictions around the world, re