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A term to describe the composition and relative rank of the instruments used to finance a company. The capital structure incorporates debt, hybrid instruments (such as mezzanine debt and preferred equity) and equity.

Debt where the security of the loan is specifically tied to an underlying asset. The range of assets that may be used as security can be wide, including property, inventory and trade receivables.

A broad term to describe the proliferation of channels, companies and instruments that have emerged outside the realm of the traditional financial system. It is most commonly associated with companies operating in the peer-to-peer space, such as peer-to-peer lending and crowdfunding. Often called “shadow banking” or “non-bank funding”.