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 11:01:00 PM
From: C.K. Houston	of 158

S.W.I.F.T. INTERNATIONAL BANK WIRE TRANSFER SYSTEM - STILL NOT COMPLIANT S.W.I.F.T. supplies secure messaging, interface software and 24-hour global support to about 6,500 financial institutions in 181 countries. In 1998, S.W.I.F.T.'s global network carried over 900 million messages.The average daily value of payments messages on the S.W.I.F.T. network is estimated to be above USD 2 trillion. In addition to its 2,941 member banks live on the network, S.W.I.F.T. users include sub-members and participants such as brokers, investment managers, securities deposit and clearing organisations, and stock exchanges. [...] Although the majority of our Internal Systems and global network infrastructure are now compliant, deployment of the remaining compliant components will continue during the first half of 1999 ... Our original goal was to be compliant by end 1998 ... We have substantially met the timetables and goals established in our initial year 2000 project plan ... INTERNAL SYSTEMS It mainly refers to accounting and financial systems. The priority given to the Euro change resulted in the re-scheduling of our target date to April 1999. [I hear there's still problems with euro settlements.] GLOBAL NETWORK INFRASTRUCTURE All our network components are in their final preparation stage for compliance. The deployment of these components needs to be carried out during network downtime. Due to the limited number of maintenance windows, this work is scheduled for completion by June 1999. swift.com Sure hope those dates don't slip again. Cheryl

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