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Technology Stocks : Discuss Year 2000 Issues
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To: John Mansfield who wrote (1375)4/2/1998 1:40:00 AM
From: John Mansfield  Read Replies (2) of 9818
 
' In Singapore `nearly one-half' of financial institutions have not begun to deal with the millennium bug'

' TOP TEN STORIES
Millennium bug threatens exchanges
Disruption caused by the year 2000 on the global foreign
exchange market could be catastrophic

Disruption caused by the year 2000 on the global foreign exchange
market could be catastrophic and cost many millions of dollars a day,
according to services house CSC, writes Dan Sabbagh.

A draft analysis this week states the millennium bug could cause a
`systemic impact' on the lines of the oil price shock of 1973 - due to
the impact on interbank settlement systems.

CSC stated that an outright failure by a clearing house - such as
Britain's CHAPS - would amount to $761 million a day. A failure by
a major bank would cost $495 million a day and a failure by a group of
small banks would come to a total of $281 million a day.

CSC's research predicts that such failures are a real threat. `Of
particular concern is the level of progress among institutions and
clearing houses in Asia.'

In Singapore `nearly one-half' of financial institutions have not begun
to deal with the millennium bug, the report said.
<snip>
CSC based its research on interviews with 90 global representatives of
banks, clearing houses and regulators. Highlights from the research will
be made available on CSC's Web site - www.uk.csc.com - shortly.
_____

webserv.vnunet.com
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