Overview of the U.S. Payments, Clearing and Settlement ...
Overview of the U.S. Payments, Clearing and Settlement Landscape
Payment System Policy and Oversight Course May 11, 2015
Alexandra Merle-Huet Assistant Vice President
Important note
The views expressed in this presentation do not necessarily reflect the views of the Federal Reserve Bank of New York or any other component of the Federal Reserve System.
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Overview of the U.S. market infrastructure
Clearing systems Central counterparties (CCPs)
Settlement systems Securities settlement systems (SSS) Central securities depositories (CSDs)
Payment systems Large-value Retail
Recording Trade repositories (TRs)
Supporting Systems Messaging
3
Main Players in the U.S.
Main Players:
CCP
SSS and CSD Payments System
TRs Supporting
? National Securities Clearing Corporation (NSCC) ? Fixed Income Clearing Corporation (FICC) ? Chicago Mercantile Exchange Clearing (CME) ? ICE Clear Credit (ICC) ? The Options Clearing Corporation (OCC) ? LCH. Clearnet LLC (LCH) ? ICE Clear US
? Fedwire Securities ? The Depository Trust Company (DTC)
Large-value payments systems ? Fedwire Funds ? National Settlement Service (NSS) ? CHIPS ? Continuous Linked Settlement Bank (CLS) Retail ? ACH (eg. FedACH and EPN) ? Check Clearing (eg. Fed, SVPCo, Viewpoint) ? Credit (eg. VISA) and Debit Card Systems
? DTCC Data Repository (U.S.) LLC ? ICE Trade Vault ? CME Swap Data Repository ? Bloomberg Swap Data Repository
? SWIFT
Title VIII Designation:
? DFMU ? DFMU ? DFMU ? DFMU ? DFMU ? Not designated ? Not designated ? CB-operated ? DFMU
? CB-operated ? CB-operated ? DFMU ? DFMU
? Not designated ? Not designated ? Not designated ? N/A
? N/A 4
Transaction Flow
Trading
Over-the-Counter (OTC)
Exchanges
(Derivatives)
(Derivatives)
Trade Repositories (TRs)
Clearing
Bilateral clearing
Central Counterparties (CCPs)
Settlement
(Securities)
(Securities)
(Securities)
Securities Settlement Systems (SSS) Central Securities Depositories (CSDs)
Payment
Large-Value Payments Systems (LVPS)
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