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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable? -- Ignore unavailable to you. Want to Upgrade?

To: John Mansfield who wrote (69)	7/19/1999 8:07:00 AM
From: flatsville	Read Replies (1) \| Respond to of 158

financialmail.co.uk Y2K bug will savage euro Matthew Fletcher, Mail on Sunday 18 July 1999 he beleaguered euro is poised to plunge to new lows because of fears that banks in southern Europe will not be ready to beat the millennium computer bug. City experts forecast that big international investors will plough billions into US dollar-denominated assets this autumn in a 'flight to quality' out of the single currency. They fear that financial institutions* in southern Europe are failing to take the necessary steps to avert the huge problems looming if computers are not adjusted to recognise the date change to the year 2000. Fresh slides in the euro's value would also make the pound even stronger, further hammering British exporters' ability to compete with European rivals. The warning came after European Central Bank chief Wim Duisenberg hinted last week that the 11-nation eurozone's interest rate may be raised from its present 2.5% to help the euro, which is on the brink of parity with the dollar. It closed the week at $1.0199, compared with $1.06 in May. Some City experts predict that the euro could fall below 90 cents by the end of the year. Stephen Lewis, chief economist at broker Monument Derivatives*, said: 'The markets aren't focusing on the millennium bug issue yet, but they are likely to by the autumn. 'This could be a political issue for the eurozone nations. Banks in Germany and the Netherlands, which are better prepared for the millennium bug, will be reluctant to extend loans to southern European neighbours, forcing them to call in loans to their own corporate customers.' Computer experts say year 2000 problems lurk among regional and state-owned banks in Italy, Spain and Portugal. Robin Guenier, head of the unofficial bug fighter Taskforce 2000, said: 'There is a strong chance that some of them focused on upgrading computer systems to deal with the euro and left the millennium bug on the back burner.' He reckons that investors will become nervous because of the lack of official information on how ready European financial institutions are to meet the challenge. The single currency links all 11 eurozone countries, so problems in one will affect its value for the rest. More danger looms from the East. Stuart Thomson, economist at stockbroker Sutherlands, also expects a tidal wave of money to flood out of Far Eastern currencies, which are most exposed to year 2000 financial chaos, and into the dollar - taking it even higher against the euro.

To: John Mansfield who wrote (69)	7/19/1999 12:15:00 PM
From: C.K. Houston	Respond to of 158

John & flatsville, IMHO - This is VERY, VERY ominious. I never expected possibility of failure with embedded systems until January 1. I didn't think 9/9/99 would be an issue with embedded systems. Looks like I may be wrong. I came across a verified instance where it is an issue. Apparently the 9/9/99 problem DOES exist with embedded systems. This is VERY bad news. Especially since, in many instances, documentation no longer exists. I don't know how extensively 999 was used as an end of file marker in embedded systems. I hope not much. Guess we'll find out in about 6 weeks. ======================================================= The Institution of Electrical Engineers Embedded Systems Fault Casebook (May 1999) Equipment Type: OTHER Industry Sector: Rail Transport PC or Computer based: No APPLICATION Vibration monitoring on rail network. If train wheels have a flat spot, or axles are damaged, the rail will vibrate due to the uneven load distribution. These vibrations are detected by monitors on the rails, allowing faults to be identified. DESCRIPTION OF THE PROBLEM There are two models of this system: Mark 1 will fail to operate completely after 09/09/99 due to the fact that 999 was used as an end of file marker; Mark 2 will operate until the end of 1999, but its internal clock will fail to rollover into the next century. HOW WAS IT IDENTIFIED Supplier information was referred to initially, rollover testing was then carried out. WHAT WAS THE SOLUTION Both systems were rolled back to determine which, if any, of the previous leap years it would be possible to use. - The Mark 2 systems cannot be rolled back to a date prior to system installation, for example 1996. - *Mark 1 systems can be rolled back to any date, but will fail again once their internal clock reached 9/99.* CONSEQUENCES FOR THE "SYSTEM" Erroneous Result CONSEQUENCES OF FAILURE TO THE "BUSINESS": Catastrophic if a problem, which subsequently leads to an accident, cannot be identified. updated 1999-07-09 by webmaster@iee.org.uk iee.org.uk ======================================================= *SEPTEMBER SHOULD BE AN INTERESTING* MONTH SEPTEMBER 9 Nationwide Test of entire American Electrical System "Drill may include reducing planned outages, modified committment of resources, redispatch of generation and transmission loading, cooperation with electric market participants, and staffing of all critical facilities. Simulate system conditions and operating plans for the Y2K transition as closely as possible..." Message 9568312 "For the purpose of this memorandum, the Y2K transition date period is defined to be from 1 SEPTEMBER 1999 through 31 March 2000 …" DoD Year 2000 (Y2K) Support to Civil Authorities From Deputy Secretary of Defense cr-iiacfs1.army.mil British Soldiers pull out of Kosovo to deal with Millennium Bug Chaos The extent of the military's role has been disclosed as the armed services prepare for the critical date of SEPTEMBER 9, or 9/9/99*, when the scale of the computer chaos could become apparent. Message 10554243 Cheryl 165 Days until 2000*