The Financial Stability Oversight Council, which was created by the Dodd-Frank Act, voted to designate eight financial-market utilities as "systemically important."

"Once designated, FMUs that are registered derivatives clearing organizations or clearing agencies are to be regulated by the Commodity Futures Trading Commission or the Securities and Exchange Commission, respectively," explains American Banker’s Donna Boraks. "All other systemically important FMUs would be supervised by the Federal Reserve Board."

The eight firms with the new designation are: The Clearing House Payments Company LLC, CLS Bank International, Chicago Mercantile Exchange Inc., The Depository Trust Company, Fixed Income Clearing Corp., ICE Clear Credit LLC, National Securities Clearing Corp, and The Options Clearing Corp.

"These critical market infrastructure entities will be subject to heightened risk management standards," said Treasury Secretary Tim Geithner, who heads the council, in a prepared statement.

For the full piece see "Financial Utilities Are First to Get 'Systemic' Label" (may require subscription).