Deloitte LLP has come up with clever new way to describe and track the size and changes in the shadow banking industry. Recognizing that market participants and regulators lacked clarity and consistency when it came to defining, measuring, and framing the debate about this complex and dynamic subject, Deloitte has devised a "Shadow Banking Index." Starting with a baseline definition and using data gathered from 2004 onward, Deloitte's index represents an ongoing effort to more closely measure the size, importance, and effect of market and regulatory actions on the activities defined as "shadow banking." The index is also intended as a way to assess the potential effect of shadow banking on regulated markets.