NASD Rule Filing For Y2K Results
Traders Magazine, November 1998
With fears rising that Wall Street is headed for doomsday unless broker dealers' computers are fully prepared for the Year 2000, the National Association of Securities Dealers has filed a proposal with the Securities and Exchange Commission mandating that computers be tested for compliance.
The rule proposal would also require that market makers and their clearing firms report the results to the NASD. At the moment, the SEC requires firms to be Year-2000 compliant. Nonetheless, the NASD's actions come in the wake of SEC enforcement actions against more than 1,000 broker dealers that it said were not compliant.
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