SECURITIES INDUSTRY PASSES YEAR 2000 TESTS
informationweek.com
INDUSTRYWIDE TEST RESULTS AND ANALYSIS - EXECUTIVE SUMMARY
Firms were able to enter and settle the simulated trades with their systems reconfigured to December 29, December 30, December 31, 1999, and January 3, 2000 ... Firms will now be able to proceed with testing their market data systems and other systems NOT included in the industrywide test. The SIA will also be developing contingency plans to ensure that the industry's resources are flexible enough to handle any of the “what if” situations that might occur over the New Year's weekend.
sia.com
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LOL - Like maybe this???
BIS CONSIDERS 5-DAY SUSPENSION OF BANK OPERATIONS TO AVOID Y2K PROBLEMS
TOKYO (Nikkei) April 27, 1999 --The Bank for International Settlements will consider proposing that major countries suspend private bank operations for five consecutive days from Dec. 31 to avoid potential Year 2000 computer bug problems, sources said Monday.
The plan comes in response to growing calls for more thorough preparations for possible millennium bug-related difficulties. The Financial Markets Association, a Paris-based organization of major banks, has also demanded financial transaction settlements be suspended from Dec. 31 through Jan. 4, 2000.
Japanese financial institutions began conducting large-scale tests on system connections late last year. U.S. and European financial institutions are also proceeding with preparations.
However, if computer malfunctions impede proper fund transfers, market liquidity would be thrown into disarray and worldwide concern over financial system instability could occur. Therefore, banks should suspend settlements over the year-end period, during which there is a high risk of computer malfunction, a major U.S. bank official said. Banks should check to make sure their computer systems work properly, the official added.
If the proposal is adopted, Japanese banks will have to add Jan. 4, 2000, to their ordinary year-end/New Year holidays.
The BIS plans to hold a meeting as early as May to discuss the matter.
(The Nihon Keizai Shimbun Tuesday morning edition - Thanks to Ron Reece.)
Cheryl
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