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From...
Stock trades pass first Year 2000 tests
July 24, 1998
Web posted at: 11:30 AM EDT
by Thomas Hoffman
(IDG)
-- Wall Street's first simulated test of stock trading in the year 2000,
conducted yesterday, revealed no date-sensitive problems, according to
officials at the Securities Industry Association.
The SIA, whose headquarters are split between New York and Washington, simulated stock trading on Jan. 3, 2000. The only hitches uncovered by this test and three previous tests, which simulated trading at the end of 1999, were linked to infrastructure and routing problems, said John Panchery, the association's year 2000 project manager.
"So far, all indications are that it went extremely well," Panchery said, referring to the test that involved 29 brokerages and all major stock exchanges. Panchery said the routing and infrastructure snags were likely the result of the way participating firms and exchanges were using test equipment and logical mainframe partitions to separate test trades from normal trading activities. "A lot of these connectivity issues will go away because firms will use their normal routing mechanisms" to send buy and sell orders in 2000 as well as when the SIA runs industry-wide tests with all participants beginning next March, said Panchery.
SIA is planning two more tests to cover mutual funds and options trading before releasing aggregate results on Aug. 10.