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Y2K - Only 22% Of Foreign Financial Institutions Are 'Ready'

http://cnn.com 7-23-99

(IDG)- While most U.S. brokerages appear to have most of their year 2000 work completed, only 22% of foreign investment banks, clearinghouses and stock exchanges have fixed, tested and implemented their systems, according to a recent study.

The study, conducted by the Securities Industry Association and the International Operations Association, was cited in the latest report on the year 2000 readiness of the securities industry and public companies by the U.S. Securities and Exchange Commission (SEC).Only 78 out of 650 foreign brokerages and stock exchanges targeted for the survey actually participated in the study. Still, the "majority" of those firms polled had completed less than half of their year 2000 projects. The survey was conducted between February and May this year.

The SEC, meanwhile, still seems to have a lot of year 2000 work of its own to complete. Of the agency's 52 mission-critical systems, only 18 were deemed year 2000-compliant as of June 1. Of the 34 systems in question, 15 were pending replacement, seven were awaiting fixes and another dozen were scheduled to be retired.Among those not yet Y2K ready: the EDGAR database, which contains financial information filed by public companies in 10-Q, 10-K and other earnings reports. The latest EDGAR system, which went live in May, is scheduled to be tested by July 31.

-- Andy (2000EOD@prodigy.net), July 25, 1999

Answers

Welcome back, Andy. We have all missed your great posts. (Especially Decker. Also known as The Cockroach. Hunt through the thread titles, you will find it.)

-- King of Spain (madrid@aol.com), July 25, 1999.

Thanks King - alas no mud wrestling in london, they were having a heatwave while I was there...

BTW - y2k awareness in the UK is pretty low, the press believe it will be a bump (in general) - there are some pretty good summaries of individuale entity readyness in the tabloid and upscale newspapers every now and then - quite impressive... if you believe the statistics... :)

Later,

-- Andy (2000EOD@prodigy.net), July 25, 1999.

I missed the radio show. Did they also mention anything about the mysterious flight instructor? I was just about convinced there was nothing to this story but an inexperienced pilot and haze... but the "missing" flight instructor caught my interest. I culled all mention of the flight instructors from Reuters/UPI stories [and could post them if you wanted], .. the bottom line is that early reports said that Kennedy had a leg cast, was flying with a flight instructor. But the flight instructor has never been named and we have not heard from him. Reporters talked to lots of other flight instructors - so you know they were nosing around - but no mention of the name or whereabouts of the flight instructor Kennedy had been using. Why hasn't he turned up?

-- Linda (lwmb@psln.com), July 26, 1999.

Uh... could be scuba diving... :)

-- Andy (2000EOD@prodigy.net), July 26, 1999.

Understand that cast had just been removed, and instructor was overseas (maybe England).

-- (snowleopard6@webtv.net), July 26, 1999.

Easy! The flight instructor is visiting Ron Brown's air traffic controller in Bosnia!

-- news (th@you.can.use), July 26, 1999.

Welcome back Andy........... the pollies have missed you as well,but they won't admit it. It wouldn't be prudent

-- kevin (innxxs@yahoo.com), July 26, 1999.

Top - this is for that asshole ddecker.

-- Andy (2000EOD@prodigy.net), August 02, 1999.

Really, Andy, can you find anything more out of date to make your case?

The "recent" study, where 22% have fixed, tested and implemented systems, was from February and May of 1998.

From the SEC report:

http://www.sec.gov /news/studies/yr2000-3.htm

The SIA, in conjunction with the International Operations Association, surveyed 650 foreign and international financial services firms and institutions, including stock and futures exchanges, regulators, global depositories and clearing corporations, brokers, and banks between February and May 1998. Although the overall response rate of 12% does limit the usefulness of the data obtained, 22% of the respondents had implemented tested, compliant systems. The majority of the respondents had completed less than 50% of their Year 2000 plan project, but only 37% had developed a contingency plan.

-- Hoffmeister (hoff_meister@my-deja.com), August 02, 1999.