They conduct three types of activities: payments, clearing, and settling. The specific FMIs we're referring to in this case have been designated by the Bank of Canada and reside in Canada. There are four of them. First, there is the large-value transfer system, which is the only system for settling large-value and time-critical Canadian dollar payments. Second, there is the automated clearing settlement system, or ACSS, which is a retail payment system for cheques, direct deposits, and pre-authorized debits. Third, there is the central counterparty CDSX, which is the only system that settles securities and maintains a central securities depository. Finally, there is the Canadian Derivatives Clearing Service, or CDCS, a central counterparty for fixed-income securities and repurchase agreements.
On May 8th, 2018. See this statement in context.