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Comment: |
Have no fear; the securities industry will be fine. True, they won't test their systems until March of 1999, but the industry knows everything will be just fine.
How does it know? Because if things aren't just fine, they could be out of jobs, careers, and retirement portfolios.
This is from NETLY NEWS (May 13).
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The good news: Computers in securities firms and brokerages will survive the perilous transition to 1-1-00. The bad news? There may be no electricity to power them. At a breakfast briefing today, an industry representative assured about 80 congressional aides that securities companies were in excellent health. "There will be a successful conversion to Year 2000 in the United States in the securities industry," predicted Arthur Thomas, chair of the Securities Industry Association's Y2K committee. An industry-wide test is scheduled for March 1999, with a trial run this summer. As for the rest of the world, well, "when you get into emerging markets, there could be turmoil." Harris Miller, president of the Information Technology Association of America, said this proves the U.S. government must show more leadership.
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