Optimism at SIA: 'Securities Industry Association - Beta Test Report
The SIA Beta Test has completed two days of simulated trading, December 29,
1999 and December 30, 1999, on their test trading systems. No Year 2000
related problems have been encountered as trades with settlement dates January
03, 2000 and January 04, 2000 continue to be processed by the Beta Test firms'
systems. As expected, there are issues regarding computers not recognizing valid
test symbols and line connections. The issues are the anticipated result of the
requirement that firms use separate systems to process the test.
Next week, on July 20, 1998 the test will be simulating trade date December 31,
1999/ settlement date January 5, 2000 and on July 22, 1998 the test will simulate
trade date January 03, 2000/ settlement date January 06, 2000. On Wednesday,
July 22, 1998, the century date rollover will be tested where systems will be
placing, settling and processing trades in the Year 2000.
July 20, 1998 also initiates the option test portion of the Beta Test. Firms will be
simulating options trading on the various exchanges across the country.
Testing results, which are being submitted to SIA via the Internet, are being
evaluated by SIA and PricewaterhouseCoopers, which has been retained by SIA to
manage the testing process. PricewaterhouseCoopers is also staffing a help desk to
answer questions about the testing procedures. Aggregate results of the beta test
are scheduled to be released on August 10.
This text will be updated on Tuesday, July 21, 1998 by 12 pm EST.
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