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A graphic to help explain the complex relationships among U.S. regulators and the systems that provide payment, clearing and settlement services.
Last Updated: 10/24/11

U.S. Regulatory Authority over Payment, Clearing and Settlement Systems

About the Diagram

This diagram illustrates the complex relationships in payment, clearing and settlement systems. It also provides information regarding selected products traded on the exchanges and trading venues depicted. In addition, it features some information-sharing and cross-margining arrangements among the FMI. The diagram also shows the key payment systems in the U.S. (Fedwire and CHIPS) and the trade repository for credit default swaps. The graphic will be updated to reflect current relationships.