One trillion dollars in transfers are cleared every day in New York City through the Clearing House Interbank Payments System (CHIPS). The transfers are effected in accounts by and among New York banks as well as the New York branches of major domestic and foreign banks. Legally speaking, these are domestic account transfers subject to N.Y. state law. Nevertheless, many of the transfers are international in nature, in that they are conducted to settle accounts among banks, which receive instructions from abroad.