(a) FindingsCongress finds the following:
The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing and settlement of payment, securities, and other financial transactions.
Financial market utilities that conduct or support multilateral payment, clearing, or settlement activities may reduce risks for their participants and the broader financial system, but such utilities may also concentrate and create new risks and thus must be well designed and operated in a safe and sound manner.
(4) Enhancements to the regulation and supervision of systemically important financial market utilities and the conduct of systemically important payment, clearing, and settlement activities by financial institutions are necessary—
(b) PurposeThe purpose of this subchapter is to mitigate systemic risk in the financial system and promote financial stability by—
(1) authorizing the Board of Governors to promote uniform standards for the—
management of risks by systemically important financial market utilities; and
strengthening the liquidity of systemically important financial market utilities; and