In plain terms
Report #72 concept. The custody, clearing, and settlement infrastructure that sits ABOVE asset managers in the actual financial hierarchy.
Report #72 concept. The custody, clearing, and settlement infrastructure that sits ABOVE asset managers in the actual financial hierarchy. DTCC/Cede & Co ($87 trillion+ depository), Euroclear ($37.6 trillion), Clearstream (€18T+), BNY Mellon ($49.5 trillion custody), CLS Bank ($6.6 trillion/day FX). Asset managers direct capital deployment; the settlement layer holds legal title, controls hypothecation, and possesses the kill switch (margin calls, collateral demands, settlement halts). The entity that can stop a trade from settling has more power than the entity that initiated it. The plumbing IS the system.