ABSTRACT
The 2007-09 crisis made visible how banks, rating agencies and non-bank actors, such as hedge funds or money market mutual funds, have created a new network around practices of securitisation and repurchase agreements. Even though these transformations were widely known about by the early 2000s, it is only after 2007 that they were associated with the 'shadow banking system'. This chapter shows that the very term 'shadow banking' can be seen from three different perspectives: shadow banking can be conceptualised as a specific space constituting the problem of transnational financial relations. The primary regulatory task is then to delineate and fix the regulatory space. Shadow banking can be conceptualised in temporal terms. Financial practices impact on temporal understandings of financial infrastructures and governance. Financial intermediation regulates time by providing liquidity today in exchange for future revenues.
