Financial Markets Atlas

Institutions, Instruments, Flows and Messages

How capital moves between the firms of the financial markets, and what each firm does with it, in the US, Canada, the UK and the EU. Open a firm to follow its products and processes step by step, down to the messages and term sheets.

Capital moves left to right; returns come back along the gold line; the dotted lines are the services the providers sell to the others. Point at a firm to see its connections, open it to see its flows, or use its info button for the main firms of that type.

End clientsSavers and owners of capital
Private clientsHouseholds, entrepreneurs and family offices, saving and investing.Served through the wealth manager
InstitutionsA US life insurer: the general account, annuities, capital rules.INS17 diagrams
Buy sideInvesting on behalf of others
Wealth managerAdvises private clients and builds their portfolios.WEA26 diagrams
Asset managerRuns funds and mandates, with custodians and administrators.AMG45 diagrams
Hedge fundRuns leveraged strategies, financed and cleared by prime brokers.HDG30 diagrams
Sell sideIntermediation and balance sheet
Broker-dealerExecutes, clears and holds assets for clients under SEC and FINRA rules.BRK19 diagrams
BankMarkets division: makes markets, structures, underwrites and finances.BNK76 diagrams
Foreign bankA Japanese megabank in New York: dollar funding, clearing.FBO24 diagrams
Markets and servicesInfrastructure, issuers, providers
Market infrastructureNYSE, Nasdaq, CME, DTCC, Fedwire: one diagram per service.INF22 diagrams
IssuersA US industrial group’s treasury: funding, hedging, cash.CTR19 diagrams
Service providersCustodians, administrators, agents, rating and data firms.SVC27 diagrams
Savings and mandatesOrders and financingClearing and issuance Returns, liquidity, research and reporting flow back to the investor

Capability Models

The same firms seen from inside: 47 capability models by layer and institution type, their 1,241 capabilities, and the 550 process maps that run them, with search and filters.

Open the capability models

Instrument Catalog

The products of the flows, one card each: 54 instruments with their conventions in each jurisdiction, cash flows, payoffs, valuation, risks, rules and formulas.

Open the instrument catalog

Every Page by Jurisdiction

Each firm has a page per jurisdiction, with the local infrastructure, rules and currency. The column of the chosen jurisdiction is shaded.

FirmUnited StatesCanadaUnited KingdomEuropean Union
INSInstitutionsA US life insurer17 diagramsA public pension investment manager16 diagramsA UK life insurer16 diagramsA Dutch pension fund16 diagrams
WEAWealth managerAdvisors and platforms26 diagramsAdvisors and platforms26 diagrams, adapted from the USAdvisors and platforms26 diagrams, adapted from the USAdvisors and platforms26 diagrams, adapted from the US
AMGAsset managerFunds and mandates45 diagramsFunds and mandates45 diagrams, adapted from the USFunds and mandates45 diagrams, adapted from the USFunds and mandates45 diagrams, adapted from the US
HDGHedge fundStrategies by asset class30 diagramsStrategies by asset class30 diagrams, adapted from the USStrategies by asset class30 diagrams, adapted from the USStrategies by asset class30 diagrams, adapted from the US
BRKBroker-dealerA standalone broker-dealer19 diagramsA CIRO investment dealer19 diagramsAn FCA investment firm19 diagramsA MiFID II investment firm19 diagrams
BNKBankA bank’s markets division76 diagramsA bank’s markets division76 diagrams, adapted from the USA bank’s markets division76 diagrams, adapted from the USA bank’s markets division76 diagrams, adapted from the US
FBOForeign bankA Japanese megabank in New York24 diagramsA French bank’s Toronto branch19 diagramsA US bank’s London branch23 diagramsA Japanese bank’s French subsidiary23 diagrams
INFMarket infrastructureNYSE, Nasdaq, CME, DTCC, Fedwire22 diagramsTMX, CDCC, CDS, Lynx15 diagramsLSE, LCH, CREST, CHAPS21 diagramsEuronext, Eurex, Euroclear, T224 diagrams
CTRIssuersA US industrial group19 diagramsA mining group in Vancouver19 diagramsA pharmaceutical group19 diagramsA German automaker19 diagrams
SVCService providersA global custodian and administrator27 diagramsA custodian in Toronto27 diagrams, adapted from the USA custodian and depositary in London28 diagramsA depositary bank in Luxembourg and Paris28 diagrams