Wholesale Funding Sources (approximate breakdown):
├── Brokered Deposits/CDs     ~$1T+    (largest segment; 25% of total deposits by 2023)
├── FHLB Advances              ~$700B   (Federal Home Loan Bank lending, 11 regional banks)
├── Repos                      ~$12.6T  (daily gross exposure; $4.4T centrally cleared)
├── Fed Funds                  ~$100-200B (overnight interbank lending)
└── Other (commercial paper)   ~$100B+

Total wholesale funding hit $4.3T in 2023 (18% of bank assets), up 30%+ from 2021.

How Brokered CDs Work Today:
1. Bank needs $50M in 6-month funding
2. Bank calls 3-5 deposit brokers (IntraFi, R&T, Fidelity, Schwab, etc.)
3. Brokers quote rates based on their own network/inventory
4. Bank compares quotes manually (phone + spreadsheet)
5. Bank picks best rate, broker fills the order
6. Settlement: T+1 or T+2, manual reconciliation
7. No centralized price discovery — no Bloomberg for deposit rates

ModernFi Term Funding replaces steps 2-6:
→ Real-time price discovery + benchmark data (Treasuries, FHLB rates)
→ Digital order management with real-time fill tracking
→ Centralized document management (replaces scattered PDFs/emails)
→ Can request early close if targets aren't met
→ Launched as Fed's BTFP (Bank Term Funding Program) wound down in 2025