Representative venue: CLSSettlement
Reported infrastructure scale: $7.2 trillion average daily settled value in 2024, or roughly $1.8 quadrillion annualized using a standard business-day count
Included in core base: Yes
Included taxable component: USD-leg-only subset, not the full published CLS total
Deduplication / boundary rule: Include only the U.S.-dollar leg of covered FX settlement. Exclude non-USD legs and avoid double counting second legs of swaps or rolls.
Confidence / note: Moderate. CLS publishes total settled value, not a separate USD-leg subtotal. The included amount must be a conservative policy estimate, not the raw total.

Representative venues: OCC, CME Clearing, ICE Clear, LCH
Reported infrastructure scale: Public reporting often emphasizes contracts or notional amounts, which are not the taxable base
Included in core base: Yes
Included taxable component: Actual U.S.-dollar cash movements only, including option premia, variation margin, final cash settlement, and related cash flows that actually settle
Deduplication / boundary rule: Exclude notionals, internal offsets, and any cash already captured at DTCC or another higher-priority settlement venue.
Confidence / note: Moderate. Conceptually sound, but less cleanly reported than DTCC.

Representative venues: Fedwire Funds, CHIPS
Reported infrastructure scale: Very large gross payment volumes, but not used as primary taxable nodes in the current framework
Included in core base: No
Included taxable component: Excluded
Deduplication / boundary rule: Exclude as downstream transmission rails when cash is already captured at DTCC, CLS, or covered CCP settlement.
Confidence / note: High on exclusion logic. These are important rails, but taxing them directly creates obvious double-counting risk.

Representative channels: Card networks, peer-to-peer apps, routine consumer payment channels
Reported infrastructure scale: Large in consumer terms, but not central to the proposal’s target base
Included in core base: No
Included taxable component: Excluded
Deduplication / boundary rule: No routine card purchases, household ACH, P2P apps, or similar everyday consumer activity.
Confidence / note: High. Clean policy choice and important for Main Street protection.

Representative flows: Benefits, payroll, grants, reimbursements, ordinary contractor/vendor payments
Reported infrastructure scale: Large in aggregate, but not part of the targeted settlement base
Included in core base: No
Included taxable component: Excluded
Deduplication / boundary rule: Exclude ordinary government spending, transfer payments, payroll, grants, reimbursements, and routine public disbursements.
Confidence / note: High. Clear boundary rule.

Representative venues: ACH Network, FedACH, EPN
Reported infrastructure scale: $86.2 trillion ACH Network value in 2024 across 33.6 billion payments
Included in core base: No, not in phase one
Included taxable component: Not in core public base for now
Deduplication / boundary rule: Public data do not directly report the subset above a policy threshold such as $1 million per day per counterparty. A final rule would need a cleaner implementation design.
Confidence / note: Low for precise taxable sizing from public data. Best treated as a future anti-avoidance or expansion category rather than a core pillar today.