The Clearing House Interbank Payment System (CHIPS)is Operated by Major

The Clearing House Interbank Payment System (CHIPS) is operated by major banks in New York and facilitates foreign exchange transactions by:

A) requiring participating banks to maintain deposits in certain New York banks which process foreign exchange transactions through the deposit accounts maintained in the New York banks.
B) coordinating with and clearing foreign exchange transactions through SWIFT.
C) acting as market makers,dealers and brokers in foreign exchange transactions.
D) aggregating the transactions of banks and processing the net amount of transactions of individual banks through the Fedwire system.