An interactive map of institutions, markets, and infrastructure. Click any element to drill down into its role, key data, and connections.
Central bank of the United States
Balance Sheet: ~$6.8T
FFR Target: 4.25–4.50%
Federal government's fiscal authority
TGA: ~$750B
Marketable Debt: ~$28T (total ~$36T)
Deposit insurance and bank resolution
Insured Deposits: $10.2T
Coverage Limit: $250K per depositor
National bank charters and supervision
Supervises: National banks & federal thrifts
Securities regulation and market oversight
Oversees: $58T equity markets
Registered entities: 30K+
Derivatives and futures regulation
OTC Derivatives: $632T notional
Position limits enforcement
Housing finance regulator and conservator
Conservator of: Fannie Mae & Freddie Mac
FHLB System oversight
Systemic risk council
Created by: Dodd-Frank Act
Members: 10 voting + 5 non-voting
Credit union supervision and insurance
CU Assets: $2.3T
Insured by: NCUSIF
Depository & Intermediaries
Depository institutions and credit creators
Total Assets: $23.7T
Includes: 8 U.S. GSIBs
Member-owned financial cooperatives
Assets: $2.3T
Institutions: ~4,500
Securities intermediaries and market makers
Primary Dealers: ~25
Regulated by: SEC/FINRA
Capital markets underwriters and advisors
Services: Underwriting, M&A, Trading
Globally systemically important banks
Designated Banks: 8
Requirements: TLAC, enhanced capital
Non-Bank / Shadow Banking
Short-term cash management vehicles
AUM: $6.8T
Holdings: T-bills, CP, repo
Leveraged alternative investment vehicles
AUM: $4.5T
Strategies: Macro, L/S, arb, credit
Risk transfer and long-duration investors
Assets: $9.8T
Types: Life, P&C, Reinsurance
Retirement savings and long-term capital
AUM: $35.4T
Types: DB and DC plans
Investment management at scale
Global AUM: $120T+
Leaders: BlackRock, Vanguard, State Street
Technology-driven financial services
Companies: PayPal, Square, Stripe
Focus: Payments, lending, neobanking
Crypto tokens pegged to fiat currency
Market Cap: $220B+
Major: USDT, USDC
Digital asset trading platforms
Major: Coinbase, Kraken, Binance
Regulation: Emerging
Collateralized short-term borrowing
Daily Volume: $4.6T
Fed RRP: ~$0.3T
Temporary transfer of securities for collateral
Outstanding: $3.2T
Uses: Short-selling, settlement fails
Upgrading lower-quality collateral to HQLA
Process: HQLA ↔ non-HQLA swaps
Re-hypothecation: 2.5× avg.
The world's benchmark risk-free rate
Marketable Outstanding: ~$28T
Daily Volume: ~$900B
Corporate debt issuance and trading
Outstanding: $11.2T
Segments: IG / HY
Mortgage-backed securities and agency debt
Outstanding: $12.1T
Fed Holdings: $2.3T
Asset-backed securities
Outstanding: $1.9T
Largest: CLOs
Privately negotiated contracts
Notional: $632T
IRS: $480T
Stock trading and price discovery
Market Cap: $58T
Exchanges: NYSE, NASDAQ, CBOE
Depository Trust & Clearing Corporation
Daily Settlement: $2.4T
Subsidiaries: NSCC, FICC, DTC
World's largest derivatives CCP
Open Interest: $1.1T
Products: Futures, options across asset classes
Credit default swap clearing
Notional: $28T
Products: CDX, iTraxx, single-name CDS
Energy and financial futures clearing
Products: Softs, equity index, FX, digital
World's largest IRS clearing service
Notional Cleared: $390T
Parent: LSEG (London Stock Exchange Group)
Real-time gross settlement in central bank money
Daily Volume: ~$4.0T
Type: RTGS
Book-entry Treasury and agency securities
Daily Volume: ~$3.8T
Type: DvP settlement
Private interbank netting for cross-border USD
Daily Volume: ~$1.8T
Participants: 40+ large banks
Batch retail and B2B payments
Annual Volume: $80.1T
Operator: FedACH + EPN
Cross-border payment messaging (not settlement)
Institutions: 11,000+
Countries: 200+
FX settlement with PvP protection
Daily Volume: ~$6.6T
Currencies: 18
Fed-operated instant payments
Launched: July 2023
Type: 24/7/365 instant
Private instant payment network
Operator: The Clearing House
Bank-owned P2P payments
Owners: Large bank consortium
Type: Instant P2P
Card payment networks
Visa Est.: 1958
Mastercard Est.: 1966
Fintech payment apps
PayPal Est.: 1998
Venmo Est.: 2009
Blockchain-based stablecoin settlement
USDT Est.: 2014
USDC Est.: 2018
Native blockchain settlement
BTC Est.: 2009
ETH Est.: 2015
Traditional bank-to-bank transfers
Systems: Fedwire + SWIFT
Type: High-value, irrevocable
Intermediation stress and dealer constraints
Crisis Episodes: 2019, 2020
Cause: Dealer balance sheet constraints
Too-big-to-fail clearing infrastructure
Post-Dodd-Frank: 2010
Concern: Default waterfall stress
Structural fragility of stable-NAV funds
Episodes: 2008, 2020
Trigger: Breaking the buck
Re-hypothecation and collateral velocity
Spike: September 2019
Amplification: 2.5× re-hypothecation
Cross-exposure and contagion channels
Designation: 2011
Channels: Derivatives, intraday credit, correspondent banking
Bank-run dynamics in crypto
TerraUSD Collapse: May 2022
USDC Depeg: March 2023
Procyclical margin calls and forced deleveraging
UK LDI Crisis: September 2022
Archegos Collapse: March 2021
Growing interconnection between crypto and traditional finance
FTX Collapse: November 2022
Channels: Custody, reserves, ETF flows