What entity exists to facilitate the design, sale, and exchange of financial contracts?

The correct answer relates to the financial system, which encompasses a broad network that includes institutions, markets, and instruments all functioning together to facilitate the design, sale, and exchange of financial contracts. The financial system is integral for managing the flow of funds from savers to borrowers, enabling capital mobilization and allocation within the economy.

This system includes various components such as financial markets where assets are traded, financial institutions that act as intermediaries, and financial instruments which are the contracts or actionable claims used in transactions. Understanding the financial system as a whole allows for a comprehensive view of how various entities and mechanisms interact to create an environment conducive to economic activity.