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Clearing the Way for the 21st Century

Traders Magazine, August 1999

Richard J. Maturi

Stamping Out Y2K Bugs

Clearing firms have taken the bull by the horns and met Y2K challenges head-on. Years of preparation and software conversion in anticipation of the date change contributed to a successful test of simulated trading conditions for December 30, 1999 by 400 securities firms, markets and utilities. The mock trades duplicated actual trading and clearing conditions with market trade cancellations, price corrections and "as of" transactions. During the simulation, Y2K-related problems were rare and quickly remedied. A breakdown in some communications hardware set contingency plans into motion with messages and information flow successfully rerouted around the affected circuits. A subsequent test of market data flow from the exchanges/originators to vendors and to clients in May 1999 also proved successful with no Y2K-related problems surfacing. Overall, the tests prove that critical market data and trade information will flow smoothly into the next millennium.

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