FEYCSForeign Exchange Yen Clearing System
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In Japan, the Foreign Exchange Yen Clearing System (FEYCS) was established in 1980 by the Tokyo Bankers Association (TBA) to handle yen settlement of crossborder transactions, comparable to the role of CHIPS in the United States.
In Japan, settlement of net positions in FEYCS, the Foreign Exchange Yen Clearing System, is not explicitly insured by the Bank of Japan.
Features of Selected Funds Transfer Systems System Central Bank Country (Planned) Type Date Daylight Credit Belgium ELLIPS RIGS 1996 Yes Canada IIPS Net 1976 (LVTS) Net 1997 France SAGITTAIRE Net 1984 (TBF) RIGS 1997 Yes Germany EIL-ZV RIGS 1987 Yes EAF2 Net 1996 Italy BISS RIGS 1989 (BI-REAL) RIGS 1997 Yes ME Net 1989 SIPS Net 1989 Japan BOJ-NET Net+RTGS 1988 No FEYCS Net 1989 Netherlands FA RTGS+Net 1985 (TOP) (RIGS) 1997 Yes Sweden RIX RIGS 1986 Yes Switzerland SIC RIGS 1987 No United Kingdom CHAPS RIGS 1984 Yes United States CHIPS Net 1970 No Fedwire RIGS 1918 Yes