Tokyo Stock Exchange discusses canceling annual opening ceremonygreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
TSE discusses canceling annual opening ceremony
The Tokyo Stock Exchange is discussing whether to call off its annual opening ceremony, which is usually held on Jan. 4 before the first trading of the year begins, as those who usually attend may be busy dealing with problems caused by the Y2K bug, sources close to the exchange said.
Canceling the annual opening event would be an extremely unusual step for the exchange.
The exchange believes that it will be difficult for the chairmen, presidents and other representatives of its 123 member trading houses to participate in the event, as they will be occupied with countering the effects of the millennium bug, which it is feared may cause computers to malfunction upon the transition to the year 2000.
As the exchange's trading floor, where the annual ceremony has been held in the past, was abolished in April when the exchange converted to computer-assisted system trading, the exchange initially planned to hold the ceremony in the system trading room on the fifth floor of its building in Kabutocho, Tokyo.
It now plans to adopt comprehensive measures to counter the Y2K problem, rather than concentrating its efforts on holding an elaborate ceremony, the sources said.
Trading will begin on Jan. 4 as planned, they said.
-- Homer Beanfang (Bats@inbellfry.com), December 06, 1999
This sounds like two admissions:
1. The computer based exchange has serious Y2K problems.
2. TSE started too late to "plan(s) to adopt comprehensive measures to counter the Y2K problem.
As Japan is a major financial and trading partner of the USA and Japanese investors own alot of US T-Bills this bears very close attention.
A liquidity crisis brought on by an impending trading disruption plus the inability to mark shares to market will have international implications.
-- Bill P (email@example.com), December 06, 1999.
*Good morning Tokyo...Goodnight New York*
-- snooze button (firstname.lastname@example.org), December 06, 1999.