### Question
How does the law define financial market utility?


### Answer
Under *12 U.S.C. § 5462*, **financial market utility** is defined as:

> any person that manages or operates a multilateral system for the purpose of transferring, clearing, or settling payments, securities, or other financial transactions among financial institutions or between financial institutions and the person

#### Citation:
  - *12 U.S.C. § 5462*
  - Heading: **CHAPTER 53-WALL STREET REFORM AND CONSUMER PROTECTION > SUBCHAPTER IV-PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION**

