Ever wonder who looks after what in U.S. regulation of payment, clearing and settlement – the plumbing, so to speak, of the financial system? Check out this dizzying chart from the Federal Reserve Bank of Chicago.
The regional central bank bills the graphic as an attempt to clarify the “complex relationship among U.S. regulators and the systems that provide payment, clearing and settlement services.” Simple, right?
The chart is testimony to a level of complexity that is likely to get worse as the Fed takes a bigger role in overseeing “systemically important” financial institutions like the Chicago Mercantile Exchange. Please direct any further questions to the Chicago Fed.