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To: Richard Mazzarella who wrote (21931)	10/19/1998 10:58:00 AM
From: Dragon 1	Read Replies (1) \| Respond to of 116763

To all, what's happening to GLDFY? Down 13 at 1 7/8? Is this misquote? Not that I have any position but wonder why such a swing? Anyone thoughts?

To: Richard Mazzarella who wrote (21931)	10/19/1998 12:19:00 PM
From: Alex	Read Replies (1) \| Respond to of 116763

We're Ready for the Euro, Bank of England Says Big 4-Day Weekend Coming End of Year The Bank of England is giving its most positive assessment yet of the state of preparations for the introduction of the euro in the City of London. With just 11 weeks to go before the frantic weekend in which banks, securities firms and clearing houses must convert their account balances, investment portfolios and computer systems to the European currency, the Bank is finally ready to express its confidence things are most likely to go smoothly. David Clementi, deputy governor of the Bank, said: "We have been confident all along that London would be ready, and now we are very sure that it will be. We are confident that the major firms have prepared well." Despite its confidence, the Bank, like many of the largest investment banks, has been running through possible crisis scenarios to prepare contingency plans. "People have thought about contingency plans, and there are bound to be one or two problems, but the major part of the conversion of the wholesale markets we expect to go smoothly. The great majority should go through the pipe without hitting the sides," Mr Clementi said. UK-regulated financial institutions will have telephone numbers of supervisors at the Financial Services Authority if they have difficulties over the four-day conversion weekend. It runs from New Year's eve, when most European exchanges will be closed but payments systems will be running, until the start of trading on Monday January 4. The Bank of England, which has a responsibility for the smooth functioning of the UK financial system as a whole while the FSA looks after individual financial institutions, will also be braced for action over the course of the weekend. "We will have a full team working over the weekend - I regret to say including myself - just to ensure that if there are broad problems the right people are around," Mr Clementi said. He is to chair a symposium at the Bank's Threadneedle Street headquarters tomorrow to go through the final details of the conversion for payments systems, money markets, exchanges, traders and advisers. He then heads a mission to New York, San Francisco and Toronto to ram home the message that London will be ready for euro business on January 4, while John Townend, who runs the Bank's European department, leads a team to Hong Kong, Tokyo and Dubai. The Financial Times, October 19, 1998