The new body charged with overseeing systemic risk in the United States, the Financial Stability Oversight Council (FSOC), announced Wednesday that it has deemed eight firms that clear and settle financial transactions to be systemically important.

The designation of the eight financial market utilities means that these firms will be subject to tougher risk management standards. The FSOC said the move represents “another key step towards creating a safer, more resilient financial system.”

The designated firms 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.

Each firm was informed of its proposed designation back in May, and given 30 days to request a hearing to dispute the decision. However, the FSOC reports that none of them did.

The FSOC takes four factors into account when determining whether a firm is to be considered systemically important: the aggregate monetary value of transactions it processes; its aggregate exposure to counterparties; interdependencies with other utilities; and, the perceived effect that its failure, or disruption, would have on critical markets, financial institutions, or the broader financial system.

The FSOC also said that it continues to make progress on determining which non-bank financial companies should be deemed systemically important, and subject to supervision by the US Federal Reserve Board and enhanced prudential standards.