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The Breathtaking Part is Simple
DTCC is securities plumbing.
ISDA is derivatives plumbing.
SWIFT/FedNow/ISO 20022 are messaging and payment-modernization plumbing.
NYDFS/OCC/SEC/CFTC are supervisory plumbing.
BlackRock, JPMorgan, Goldman, BNY, CME, SBI, Santander, Bank of

















