These are the largest businesses in our economy, with revenues of around $ trillion annually, and are likely to be on the cutting edge of efforts to deal with the millennium bug. Before the end of the decade, these firms report that they expect to spend about $ billion in dealing with the Y2K problem.
This substantially reduced the largest remaining settlement risk for the New Zealand banking system, and the design also significantly economises on the liquidity required to make foreign exchange settlements. CLS is connected to ESAS in order to achieve this.