Description
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Created by Mark Varela
about 10 years ago
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Copied to Note by Mark Varela
about 10 years ago
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Page 1
Financial infrastructure
Financial markets
Financial firms
Financial sector authorities Bank of England Financial Conduct Authority (FCA) Prudential Regulatory Authority HM Treasury
- payment, settlement, clearing, & trading systems
- on-exchange and over-the-counter (OTC)
- retail & investment banks, insurance companies, pension funds
Financial infrastructurePayment systems High value systems used by wholesale financial markets Widely used systems integral to wider economy Bank of England is the overseer.Three separate clearing companies responsible for maintaining operational efficiency & integrity - CHAPS, BACS, & Cheque & Credit Clearing Co. APACS is their main industry group.The Payments Council provides forum for development & innovation & is the voice of banking industry on payment issues.FCA regulate clearing houses & investment exchanges.
Financial marketsOn-exchange: trade equities & derivatives. Regulated by FCA.OTC: committees examine how markets function. No physical exchanges.
UK financial services structure
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