Securities Industry Passes Year 2000 Tests - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Securities Industry Passes Year 2000 Tests

Reports on tests of trading cycles conducted during the past six weeks by more than 400 members of the Securities Industry Association indicate that year 2000 errors affected only two one-hundredths of a percent of the 260,000 expected results, according to statements released today by the SIA. An example of an expected result is the receipt by a registered representative of a buy order.

Data-entry errors, miscommunication among companies about testing procedures, and non-year 2000 system problems accounted for most of the other unsuccessful results, about 2.5% of the total. Some of the year 2000 problems that were found were the appearance of "1900" instead of "2000" on some reports, and some trade-processing routines displayed the year as a blank instead of "00."

In addition to using results of the test to fine-tune systems and complete contingency plans, the SIA will focus on efforts to reassure investors that the industry is ready for the year 2000.

SIA member companies will test the year 2000 compliance of market data systems on May 1 and will also conduct individual tests with partners and providers throughout the rest of the year.

The SIA spent about $10 million managing the tests. The entire securities industry is estimated to be spending $5 billion on year 2000 projects.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
News
The State of Chatbots: Pandemic Edition
Jessica Davis, Senior Editor, Enterprise Apps,  9/10/2020
Commentary
Deloitte on Cloud, the Edge, and Enterprise Expectations
Joao-Pierre S. Ruth, Senior Writer,  9/14/2020
Slideshows
Data Science: How the Pandemic Has Affected 10 Popular Jobs
Cynthia Harvey, Freelance Journalist, InformationWeek,  9/9/2020
Register for InformationWeek Newsletters
Video
Current Issue
IT Automation Transforms Network Management
In this special report we will examine the layers of automation and orchestration in IT operations, and how they can provide high availability and greater scale for modern applications and business demands.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll