STORY:
Wall Street Says It's Y2K Ready

Wall Street is predicting the beginning of Year 2000 should pass by without any major computer crashes after an intensive test turned up few signs of the millennium software bug.

According to a story from Reuters, The Securities Industry Association said investors can feel secure as New Year's Day approaches, with no need to ask for their physical stock certificates.

The SIA organized the test, the largest ever undertaken by Wall Street, simulating trades over six weekends among stock exchanges, clearing houses, and about 400 securities firms.

The SIA said nearly all the trades went normally. Of the 260,000 simulated trades, only four had millennium problems. Other troubled trades, about 2.5 percent, were hurt by data entry errors, miscommunications among firms, and other system problems.

The article says the "Street-wide" test actually simulated the date rollover by fooling the computers into thinking each test day was a day near the millennium. On March 6, for example, computers acted as though it were December 29; on March 13, they thought it was December 30, and so on.

Source: Reuters

DATE: 4/30/99

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