Hong Kong futures exchange outage was Y2k related

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2: Hong Kong Futures Exchange Outage Was Y2K-Related Hong Kong Futures Exchange Outage Was Y2K-Related By Adam Creed, Newsbytes HONG KONG, CHINA, 27 Jan 2000, 1:47 AM CST The failure of a computer system of the Hong Kong Futures Exchange (HKFE) on January 4, 2000 was Y2K-related, according to a Hong Kong Government official. The statement was made in response to questions by Sin Chung-kai in the SAR's Legislative Council on Wednesday.... 03:50 EST News Bytes News Network - Stillwater MN

-- Homer Beanfang (Bats@inbellfry.com), January 27, 2000


ht tp://online.hkstandard.com/today/default.asp?PageType=bho5 HKFE tests electronic trade system in-house

By Hoi Leung

STORY: THE Hong Kong Futures Exchange (HKFE) has decided to move most of the future testing of its long-delayed electronic trading system in-house in a bid to avoid the sort of public criticism it suffered last year as a result of test failures.

The HKFE has also set high goals to introduce three new functions to the proposed electronic trading system.

``The delays on the installation of the electronic system have given us the luxury to do that,'' said HKFE chief executive Ivers Riley.

``(The HKFE) is now in the process of performing a thorough system review, addressing issues which arose during last year's simulated trading, adding new functions to the system and conducting rigorous, comprehensive internal testing,'' Mr Riley told a media conference after hosting a progress update yesterday for members of the exchange.

The meeting was positive in atmosphere, a member said after the event.

Few questions were asked by the members unlike previous meetings. The new functions include a pre-market open process to enhance the market opening mechanism and bulletin board features. The bulletin board will have a facility for extended combination order publishing, said project manager Consultancy Associates's managing consultant Riley.

Walter Reisch.

No major problem exist concerning the system after ironing out computer bug problems, hindering previous tests. His company was finding the system's maximum capacity through a series of internal testings, said Mr Reisch.

It is understood that the Securities and Futures Commission (SFC) was still demanding a capacity which could handle a trading volume equivalent to three times of the historical peak volume. The HKFE has set up 300 scenarios for internal testing, HKFE executive director Royce Mr Yuen said.

If the those tests were successful, the HKFE will conduct a series of ``acceptance test'' in which an assorted list of futures brokerage firms would be involved. Mr Yuen said the sample firms would be selected based on their profile and their trading volumes. At the final stages, all members would be invited to conduct simulations.

Mr Riley declined to predict how many simulations the HKFE and its members would undertake.

Last year, persistent failures in nine tests on the same system postponed the electronic migration of HKFE trading.

The system was previously scheduled to launch last June.

Now it was ``very probable'' the HKFE would launch the electronic system and replace open out-cry in the first half of the, Mr Riley said, declining to be more specific so as to not ``confuse anyone''.

-- Homer Beanfang (Bats@inbellfry.com), January 27, 2000.

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