The FT has reported:

The last of the complex debt funds at the heart of the credit crisis has collapsed and is to appoint receivers, ending a 25-year project to create a "shadow banking" industry.

The collapse follows the cutting of a funding line by JP Morgan.

Sigma Finance, a $27bn structured investment vehicle managed by London-based Gordian Knot, is the oldest and last surviving member of a once $400bn industry crushed by declining asset values and a lack of new funding.

Sigma was cayman based. This is the death knell of another tax haven activity. They have been shown to be utterly corrosive within the world's financial system.