Definitions stipulated by the Eurosystem
In line with the definitions stipulated by the Eurosystem, the Other Financial Institutions
subgroup dealing with security and derivatives dealers is used for the broker-dealers segment.
Standing at roughly EUR 840 million at the end of 2012, this line of activity is very small. In
fact, in Germany, broker-dealer business is typically carried out by banks.
In general the overall structure of the non-bank sector has not changed since the FSAP. The
persistent low-interest rate environment remains one of the main challenges for the sector,
putting particular pressure on life insurance companies. The proposed changes to the
legislation on money market funds will alter the structure of that sector but, because of its
limited size, the overall composition of the non-bank sector is unlikely to change.