EU reaches deal to shine light on 'shadow banking'
London
FINANCIAL transactions using shares or other assets to secure credit will come under greater scrutiny after the European Union (EU) reached a deal on Wednesday to improve transparency and mitigate risks in the so-called "shadow banking" sector.
The sector creates credit outside mainstream banking by allowing banks, asset managers, pension funds and others to access secured funding through a temporary exchange of assets as a guarantee for cash.
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