Cheryl
Interesting article today on Yahoo.
Wednesday April 8, 8:14 am Eastern Time
Banking giants form millenium bug group
LONDON, April 8 (Reuters) - A group of leading banks announced on Wednesday in a statement they had formed a Global 2000 Co-ordinating Group to stop the millennium bug hitting financial markets.
They said in a statement they would gather information on readiness of countries, cities and firms to tackle the computer glitch that could affect global financial markets when year 2000 arrives.
The group would focus on areas including: - cash payment systems, - securities clearance and custody systems, - stock, bond futures and commodity exchanges, - foreign exchange and derivatives trading firms.
An infrastructure inquiry would cover electricity, water and telecommunications utilities, transport, dealing and settlement organisations and market data and financial service providers.
The aim was to work out guidelines to be shared throughout the industry and with regulators and supervisors, the statement said.
Participation was unlimited but the statement named 24 key players including Barclays Bank, Bank of Tokyo-Mitsubishi, Hongkong Bank, Citibank and Deutsche Bank.
Raj |
