Y2K (Year 2000): Is Wall Street & Banking Vulnerable? Message Board

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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable?

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To: C.K. Houston who wrote ()	5/26/1999 10:30:00 PM
From: C.K. Houston	of 158

Wall Street Asked To Schedule Transactions Away From Y2K WSJ - Dow Jones ... Although the SIA isn't predicting any market disasters as the calendar turns to 2000 from 1999, the group's contingency planning committee issued a series of proposals in its report Tuesday to help firms deal with any possible problems that could crop up as a result of the date change's effect on computer systems worldwide. The timing recommendation doesn't suggest any changes that would affect ordinary stock or bond transactions; in fact, the only suggestion that would even marginally interest the average investor is one that proposes mutual funds move their distributions to the week before Christmas, if possible. Most funds wait until it's closer to the end of the year to distribute income and capital gains to investors. Firms should also tell institutional investors to move their year-end portfolio restructurings to early or mid-December; limit trading to what is commercially essential; and avoid structuring new financing for settlement in early January, according to the report. In the report, the SIA warns that however unlikely, there is still the possibility of problems occurring due to the year 2000 glitch. The possible scenarios range from local brokers being unable to execute trades to entire central-bank systems becoming inoperable. The solutions for any problems that arise range from preparing back-up plans, such as making sure there are standby arrangements for manually assisted transfers of cash and securities, to preparing for any decisions to suspend specific business activities on Jan. 3, the first day the market will be open in 2000. interactive.wsj.com. WSJ - Registration Required Cheryl

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