(1) (2) (1) (2) 1
(1) (2) (1) (2) (1) (2) TOB (1) (2) 2
(1) (2) (1) (2) (1) (2) (3) (1) (2) (3) (1) (2) TOB (1) (2) (1) (2) 3
4
80 90 5
10 1 1 3 Q2 57.6% 47.5% 44.8% Q3 94.1%Q5 6
CP Commercial Paper 11 CP ABSAsset Backed SecuritiesABCPAsset Backed Commercial Paper 90 12 ABS MBSMortgage Backed Securities CLOCollateralized Loan Obligation CBOCollateralized Bonds Obligation 13 70 8090 MBO 14 2,000 7
15 8
14 3 163 13% 210 17% 107 9% 1,000 1 79 17% 80 17% 44 9% 16 9
10
(1) 12 8 0.1% (17) 11
( ) 1 5,000 700 40 1 6% 2 asset-based finance 1,5005,000 accounts UCC Uniform Commercial Code 1 100 88 30 40 83 21 10 2 52% 44% Q3b(2) 12
13 85% 50% field examiner 2002 3 UCC
(2) 178 14
1 2 3 1 79.7% 68.6% 12.7% Q4(2) 2 Q11 Q16 3 Q4(3) 15
100 18 EDIequivalent electronic data interchange 16
(1) 1 19 2 70 1% 11% 3 1 Q14 2 Q17 71.5% 15.2% 3 74.5%Q6 76.8% Q4 5.9% 4.5%Q5 17
(2) 18
1 5 20 (1) 2 1 Q8(5) Q15 Q11 2 6% Q1 19
20
SPC SPC SPC (2) 178 21
(1) 21 22
UCC 23
(2) (1) 24
14 MBO LBO 23 SPC (2) SPC 25
TOB 1 1 Q27 Q28 26
27 23
28 2-1-1 2-1-2 2-2 2-3 TOB
(1) (2) 29
30
31
32
33
34
192 35
(1) 410 (2) 36
414 1 168 169 37
171 1 38
UNCITRAL 01 6 UNIDROIT 01 11 EBRD 94 4 39
(1) 1 1 11 1 29 40
466 1 2 1 5 1 6 6 1 364 365 366 10 41
7 (2) 18 48 13 32 22 6 15 42
43
(1) 466 2 1 2 (2) 1 14.4.30 4 5 209 687 10 10 783 2 Q1920 44
(3) UNCITRA 45
(1) SPC SPC 46
(2) 1 47
1 (3) UCC UCC Uniform Commercial Code UCC UCC UCC UCC 1 50 74.2 48
UCC UCC 49
SPC TOB (1) SPC SPC SPC 50
(2) TOB (1) SPC SPC SPC TOB 27 2 1 TOB TOB (2) TOB 51
(1) SPC 0.4% 0.25% 52
(2) 53
54
55
56
57
58
SPC 151 2 CDO 2 CDO Collateralized Debt Obligation 246 SPC SPC 59
SPC SPC SPC SPC SPC SPC SPC ABS SPC SPC 75 ABS ABS 17 60
61
1 2 1 2 62
63
64
1
2
3
4
5 2% 29.2 15.%
6 10 11 Flow of Funds FRB
12 ABCP 14 Flow of Funds FRB 13 The Bond Market Association H.P 7
14 15 00 8
9 20 16 17 12
10 19 18
20 21 11
22MBO 22 12
2002 7 5,000 1,296 25.9 16 1,273 25.5 236 152 60.2 10 142 60.2
Q1 ( ) 1161 87 173 10 77 145 91.2 6.8 13.6 0.8 6.0 11.4 1273 Q2 814 406 33 1253 65.0 32.4 2.6 100.0 Q3 Q2 182 193 59 234 36 44.8 47.5 14.5 57.6 8.9 406 1
Q4 949 287 1236 76.8 23.2 100.0 Q5 Q4 893 323 289 56 41 23 94.1 34.0 30.5 5.9 4.3 2.4 949 Q6 Q5 44 5 3 0 6 1 3 78.6 8.9 5.4 0.0 10.7 1.8 5.4 56 2
Q7 Q5 30 8 3 2 9 4 2 9 53.6 14.3 5.4 3.6 16.1 7.1 3.6 16.1 56 40 7 47 85.1 14.9 100.0 Q8 Q5 (1) 9 18 4 8 3 42 21.4 42.9 9.5 19.0 7.1 100.0 56 3
(2) 24 1 4 6 3 6 44 54.5 2.3 9.1 13.6 6.8 13.6 100.0 56 Q9 Q5 6 8 6 14 8 4 46 13.0 17.4 13.0 30.4 17.4 8.7 100.0 56 Q10 Q9 4 3 9 0 28.6 21.4 64.3 0 14 4
Q11 645 434 110 104 102 104 33 21 49 55 67.2 45.2 11.5 10.8 10.6 10.8 3.4 2.2 5.1 5.7 960 Q12 341 664 1005 33.9 66.1 100.0 Q13 Q5 27 7 13 8 6 0 1 65.9 17.1 31.7 19.5 14.6 0.0 2.4 41 5
Q14 Q13 4 5 3 0 1 1 2 0 57.1 71.4 42.9 0.0 14.3 14.3 28.6 0.0 8 2 10 80.0 20.0 100.0 7 Q15 Q13 (1) 2 2 0 1 1 28.6 28.6 0 14.3 14.3 7 6
(2) 4 0 0 2 0 0 57.1 0 0 28.6 0 0 7 Q16 526 338 91 42 52 32 31 21 74.1 47.6 12.8 5.9 7.3 4.5 4.4 3.0 710 Q17 284 532 816 34.8 65.2 100.0 7
Q18 Q 3 14 16 0 0 0 0 0 1 1 8 3.9 18.2 20.8 0 0 0 0 0 1.3 1.3 10.4 77 66 36,461 66 19 Q19 A 0- J2 B 1 0.1K 73 5.5 20 1.5 C 0- L 25 1.9 D 1 0.1M 21 1.6 E 1199.0N 4 0.3 F 459 34.5O G 4 0.3P H 27 2.0Q I J1 75 5.6Z 5 0.4 8 0.6 134 10.1 11 0.88 342 25.71359 100.0 Q20 1233 1,183 1226 220 8
Q1 85 15 41 1 142 59.9 10.6 28.9 0.7 100.0 Q2 Q1 25 42 13 60 63 15 6 25.0 42.0 13.0 60.0 63.0 15.0 6.0 100 Q3 Q2 22 3 88.0 12.0 25 1
11 13 1 44.0 52.0 4.0 25 2 13 9 1 8.0 52.0 36.0 4.0 25 2 16 6 1 8.0 64.0 24.0 4.0 25 1 20 4 4.0 80.0 16.0 25 2
Q2 24 73 26.7 81.1 90 75 14 5 83.3 15.6 5.6 90 20 41 28 1 22.2 45.6 31.1 1.1 90 24 47 12 8 26.7 52.2 13.3 8.9 90 3
10 52 28 11.1 57.8 31.1 90 Q4 73 18 29 23 20 10 61.9 15.3 24.6 19.5 16.9 8.5 118 81 94 15 4 68.6 79.7 12.7 3.4 :118 4
100 89 74 40 66 1 84.7 75.4 62.7 33.9 55.9 0.8 118 Q5 Q6 105 8 26 2 141 74.5 5.7 18.4 1.4 100.0 Q7 Q6 23 29 61 113 20.4 25.7 54.0 100.0 113 5
Q8 Q7 42 65 4 43 5 15 22 15 1 50.0 77.4 4.8 51.2 6.0 17.9 26.2 17.9 1.2 84 76 9 90.5 10.7 84 58 23 9 69.0 27.4 10.7 84 23 34 24 3 27.4 40.5 28.6 3.6 84 6
23 48 4 9 27.4 57.1 4.8 10.7 84 19 40 23 82 23.2 48.8 28.0 100.0 84 Q9 Q7 16 64 4 16 6 14 52 33 8 17.8 71.1 4.4 17.8 6.7 15.6 57.8 36.7 8.9 90 69 18 87 79.3 20.7 100.0 87 7
58 26 8 64.4 28.9 8.9 90 23 37 25 3 88 26.1 42.0 28.4 3.4 100.0 88 17 54 5 12 88 19.3 61.4 5.7 13.6 100.0 88 19 44 24 87 21.8 50.6 27.6 100.0 87 8
Q10 45 47 28 3 123 36.6 38.2 22.8 2.4 100.0 123 Q11 0 1 53 20 59 14 13 0.0 0.8 44.9 16.9 50.0 11.9 11.0 118 Q12 Q13 Q14 Q8(5) Q9(5) 62 28 29 6 66.7 30.1 31.2 6.5 93 9
Q15 63 69 90 39 54 41 71 4 49.6 54.3 70.9 30.7 42.5 32.3 55.9 3.1 127 Q16 Q15 48 43 1 76.2 68.3 1.6 63 Q17 16 15 88 0 4 123 13.0 12.2 71.5 0.0 3.3 100.0 10
Q18 Q16 13 13 2 22 6 32 5 30.2 30.2 4.7 51.2 14.0 74.4 11.6 43 Q19 14 75 33 3 125 11.2 60.0 26.4 2.4 100.0 Q20 34 72 106 32.1 67.9 100.0 Q21 6 62 56 124 4.8 50.0 45.2 100.0 11
Q22 Q21 46 16 7 74.2 25.8 11.3 62 Q23 Q24 98 41 139 70.5 29.5 100.0 Q25 Q24 96 41 9 6 5 27 23 3 0 98.0 41.8 9.2 6.1 5.1 27.6 23.5 3.1 0.0 98 12
Q26 8 1 60 83 2 8.2 1.0 61.2 84.7 2.0 98 Q27 46 58 104 44.2 55.8 100.0 Q28 Q27 19 8 2 2 5 3 25 4 41.3 17.4 4.3 4.3 10.9 6.5 54.3 8.7 46 Q29 13
Q30 63 34 11 9 15 132 47.7 25.8 8.3 6.8 11.4 100.0 Q31 38 78 14 130 29.2 60.0 10.8 100.0 14