The financial crisis determined by increasing default rate, real estate devaluation and financial asset aggregation associated with the US subprime mortgages brouted back the debate about the framework of the US and international financial systems, their potential systemic risks, and their regulatory and supervisory mechanisms. Credit derivatives and structured products backed by real estate credit replicated and multiplied risks by an unknown factor besides Redistributing them at a global scale. A large number of poorly regulated and badly supervised financial institutions – no capital requirements, no access to deposit insurances, discount operations, and last resort credit lines by central banks – failing the counterparty of the credit risk transfer from the banking system and started to take advantage of risks. The intermingling of these institutions and markets created a global shadow banking systems and markets.The financial crisis linked to the increase in unpaid payments and the devaluation of real estate and financial assets based on US sub-prime mortgages has put the debate on the architecture of the US and international financial system, its potential systemic risks, and its supervisory and regulatory mechanisms back on the agenda. In the current set-up, credit derivatives and structured products based on housing loans replicate and multiply risks by an unknown factor and redistribute them globally. A wide range of highly unregulated and controlled financial institutions, not relying on capital reserves, without access to deposit insurance, rediscount operations and central bank credit lines of last resort, became the counterpart to the transfer of credit risks from the banking system and assumed highly risky positions. The interpenetration of these institutions has given rise to a global shadow banking system. The article discusses the interaction of these financial institutions, including some features of its main scenario – OTC markets – and financial innovations that have amplified the crisis. Given the complexity and opacity of these institutions and markets, he stressed the need to improve its supervision and regulation.