Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

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Wall Street

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Too Big to Fail

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April 30, 1998

NASD Reg. Joins Year-2000 Frenzy

By Staff Reports

Wall Street firms have been inundated with warnings about potential Year-2000 computer glitches. The media, consulting firms and other groups are stoking the fires of discontent. NASD Regulation, the regulatory subsidiary of the National Association of Securities Dealers, is no exception.

In a foreword in its Regulatory and Compliance Alert newsletter, NASD Regulation pointed out what experts have been hammering home for months.

A typical securities firm should have a Year-2000 plan with these activities completed: a review of all business aspects to determine where Year-2000 failures may occur; a completion of an inventory of any replacement or renovations required; identification of costs and resources; and notification of suppliers and partners to assess and certify Year-2000 readiness.

"The plan should also define how the firm will test or validate its Year-2000 readiness, including options for participating in industry-wide testing, and contain contingency-planning approaches," NASD Regulation stated in the newsletter.

Timely

NASD Regulation urged all members of the NASD to implement their action plans effectively so that they achieve timely Year-2000 compliance.