Actual testing folks. Some facts. (something that's been missing)
Spotlight Boston July 16, 1998 ÿ
BT EXCLUSIVE: Boston Stock Exchange begins second phase of Y2K simulation
by Bill Burke/BusinessToday staff
Year 2000 compliance tests at the Boston Stock Exchange earlier this week turned up few glitches. In the hopes of rooting out any potential disasters, however, officials at the trading center today are embarking on the second leg of Millennium simulations.
For the second time this week, officials at the Boston Stock Exchange are preparing to set the clocks ahead 18 months - to Dec. 30, 1999 - to test for Year 2000 compliance.
The tests are part of an industry-wide simulation sponsored by the Securities Industry Association (SIA,) and are designed to head-off any computer-related problems related to the Millennium date change.
Many computers and networks are programmed to recognize the last two numbers of a given year. Unless it is remedied, programs could experience problems at the end of the Millennium, when systems read the ''00'' of the year 2000 to mean 1900.
The Y2K bug is especially problematic for financial institutions that rely on date-sensitive automated procedures.
On Monday, the BSE reset its systems to Dec. 29, 1999. The simulation included every aspect of a trade transaction - placing an order entry, conducting a trade execution, filing a report back, and concluding the trade settlement.
BSE officials were pleased with the results.
"The testing went very well," said BSE Spokeswoman Josephine Finn. "Over all we were very pleased with the outcome. The industry as a whole did very well."
There were several glitches, however. Finn said those setbacks were due mainly to communication problems.
After today's simulation, the Exchange will begin again on Monday, setting its systems to read Dec. 31, 1999, and then next Wednesday when it will test Jan. 3, 2000.
The Boston Exchange began looking at its Y2K problems more than a year ago, according to Assistant Vice President of Corporate Communications Nicole Kalicki. A BSE Year 2000 Project Management Team and Steering Committee, made up of more than 20 members of senior management, staff, and floor members, began planning for this week's simulations in early 1997
p.s. I find the catastrophic predictions too extreme. Those who over-react might find themselves locked in their houses with 1 years worth of food, a couple of guns, and no more friends.
JH
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