in high risk, high return investments, while others focus on tax-exempt securities. There are also mutual funds specializing in speculative trading (i.e. hedge funds), a specific sector, or cross-border investments. Pension funds are mutual funds that limit the investor's ability to access their investments until a certain date. In return, pension funds are granted large tax breaks in order to incentivize the working population to set aside a portion of their current income for a later date after they exit the labor force (retirement income). Market makers Market makers are broker-dealer institutions that quote a buy and sell price and facilitate transactions for financial assets. Such assets include equities, government and corporate debt, derivatives, and foreign currencies. After receiving an order, the market maker immediately sells from its inventory or makes a purchase to offset the loss in inventory. The differential between the buying and selling quotes, or the bid–offer spread, is how the market-maker makes a profit. A major contribution of the market makers is improving the liquidity of financial assets in the market. Specialized sectorial financiers They provide a limited range of financial services to a targeted sector. For example, real estate financiers channel capital to prospective homeowners, leasing companies provide financing for equipment and payday lending companies that provide short-term loans to individuals that are underbanked or have limited resources, like Uganda Development Bank. Financial service providers Financial service providers include brokers (both securities and mortgage), management consultants, and financial advisors, and they operate on a fee-for-service basis. Their services include: improving informational efficiency for the investors and, in the case of brokers, offering a transactions service by which an investor can liquidate existing assets. In Asia According to the World Bank, approximately 30% total assets of South Korea's financial system was held in NBFIs as of 1997. In this report, the lack of regulation in this area was claimed to be one reason for the 1997 Asian financial crisis. As of 2019, China's banking system is estimated to hold the equivalent of $8.3 trillion USD in assets (or approximately 20% of total bank assets) largely in the form of loans wrapped by NBFI investments. In Europe The European Commission's Payment Services Directive (PSD) regulates payment services and payment service providers throughout the European Union (EU) and European Economic Area. The PSD describes which types of organisation can provide payment services in Europe: credit institutions (i.e. banks),