For example, six years before the Lehman shock, in September 2002, a system was introduced that linked the two settlement legs of foreign exchange transactions, e.g., the dollar and yen legs in the case of settling dollar-yen trades.
The disruptions in the financial markets caused by the collapse of Lehman Brothers would have been much larger if such a system were not in place before the event. Central banks, including the Bank of Japan, played a leading role in the six years leading up to the launch of the system.