I heard second-hand snippets on this forum about the results of extensive 2-month (weekends only) testing of Wall St. systems, but I have seen no published reports. The testing began this weekend.

So, what happened?

Got sources?

-- Puddintame (dit@dot.com), March 08, 1999

Answers

Securities teams test for year 2000 bugs Sunday, March 7, 1999

By DONNA MURPHY WESTON The Associated Press

NEW YORK -- World financial markets were in their usual Saturday slumber, but stock traders hustled on the littered floor of the New York Stock Exchange as if it was a typical weekday session.

The reason for the weekend activity was the start of a two-month series of tests by the securities industry to determine whether its computer systems will be bitten by the year 2000 bug.

Fixing and testing for so-called Y2K troubles is expected to cost the U.S. securities industry $5 billion, according the Securities Industry Association, the trade group coordinating the test.

The preliminary results were "better than expected," according to the Securities Industry Association, the industry group coordinating the test.

"The first day's success is important because it demonstrates that the participating firms have done their homework," said Donald Kittell, SIA executive vice president.

The computer glitch is expected to affect an unknown number of computers whose programs will not be able to recognize the year 2000. Instead, many of these computers will read that date as the year 1900, potentially causing them to shut down or malfunction, wreaking havoc on everything from financial markets to utilities.

Saturday's activity at the New York Stock Exchange was just one part of a nationwide effort to find problem computer programs before Jan. 1. Nationally, more than 5,000 employees from 400 brokerages, investment banks, and securities clearinghouses took part in the test of systems used to trade stocks, bonds, and other financial products.

With the clocks turned ahead to Dec. 29, they followed carefully prepared scripts, executing more than 170,000 trades that would clear just after the turn of the millennium. All seemed business as usual with one big difference: None of the trades counted.

The test will run on weekends through April 24, simulating trades made on various dates between Dec. 29 and Jan. 22, 1999, and is expected to cost $100 million, the trade group said.

Kittell cautioned the test is still in the early stages and that more meaningful information would be available later this month. A detailed report is expected to be released April 29.

"The test schedule does not cross over to the year 2000 until April 10," Kittell said.

-- Fly (flyon@wall.com), March 08, 1999.

Good one, Fly. "Better than expected." How's that for heavy duty reporting? I hope Daddy didn't waste too much money on J-school for that tape-recording and free publicity job.

-- Puddintame (dit@dot.com), March 08, 1999.

I saw one official on a short tube blurb last night. (Paraphrase)He said that this verified that the testing platform they had chosen was the correct one. Thats good.

-- Mike Lang (webflier@erols.com), March 08, 1999.

Puddintame:

I vaguely remember reading that the detailed results of these tests won't be released until the 2 month testing period has been completed. And I wouldn't want anyone looking over my shoulder during my first debugging sessions either -- they tend to be very embarrassing.

Anyway, we know what the final results will be already.

-- Flint (flintc@mindspring.com), March 08, 1999.

They are just begining, however as you know it always stays the 'same'!

-- Outlander (godsgold@hotmail.com), March 09, 1999.

FYI:

Tokyo Exchange had their first test in January. Thirty six companies participated in two separate financial transaction network tests January 29, 1999. Six companies (17%) were unable to successfully complete all transactions in both networks. One company failed in both networks. February testing was scheduled to include 118 companies and the results should be released within the next week or so.

-- PNG (png@gol.com), March 09, 1999.