Systemically important financial market utility

Systemically important financial market utilities (SIFMUs) are entities whose failure or disruption could threaten the stability of the United States financial system. To date eight entities in the U.S. have been officially designated SIFMUs.

Section 804 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (DFA) provides the Financial Stability Oversight Council (FSOC) the authority to designate a financial market utility (FMU) that it determines is or is likely to become systemically important because the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system.

SIFMU status places an entity under enhanced regulatory oversight by the three agencies charged with regulating SIFMUs—the Federal Reserve Board, Securities and Exchange Commission, (SEC) and the Commodity Futures Trading Commission (CFTC). It further brings it under the Federal Deposit Insurance Corporation's (FDIC) resolution authority where it can be placed into receivership by the FDIC rather than reorganizing or liquidating under the supervision of a bankruptcy court.

On October 28, 2014, the Federal Reserve Board finalized its revisions to the SIFMU risk management standards. The final rule expands the implications for SIFMUs and includes:

As of January 2015, the Financial Stability Oversight Council has designated eight companies as SIFMUs. The first two are regulated by the Federal Reserve Board, the next two by the CFTC, and the remaining four by the SEC; the last three are all subsidiaries of the Depository Trust & Clearing Corporation (DTCC), a U.S. post-trade financial services company providing clearing and settlement services.

...
Wikipedia