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Shadow banking is a house with many rooms and so we need to do some fact finding. What segments are there, how voluminous are they, do they differ per country and what do they have in common? And also what makes them problematic? Regulators and supervisors have been breaking down market segments to filter out the individual shadow banking segments to be regulated. Starting point is the overall idea that shadow banking in one way or the other is involved in traditional financial intermediary activities without being regulated as traditional banks. Different analyses and models are reviewed as well as how these models evolved over time. Experience showed that it is better to trace certain economic functions and their associated risks rather than certain legal entities or structures. Not only because a structure in itself doesn’t cause risk but also because the next crisis will be different than the previous one, we ultimately want regulation and supervision to hold some predictive value as well.