An industry test to demonstrate year 2000 readiness of the Australian stock market begins today at the Australian Stock Exchange (ASX).
Managed by the ASX, the test involves 10 stockbroking organisations, five institutions, six banks, the ASX, and share registry processor, Computershare.
According to Robert Sucher, ASX year 2000 project manager, the test, which runs until April 29, is part one of a two-phase project.
Sucher said the test will be carried out in a simulated environment and will concentrate on equity trading and settlement transactions. Key dates including January 1, 2000 and February 29, 2000 will be tested in the project.
Part two of the project, to be carried out later this year, will test options trading, Sucher said.
According to Sucher, organisations involved in the test represent key front- and back-end systems used in the stock market industry. ABN Amro Equities Australia, Merril Lynch Equities Australia, ANZ Custodian Services, Macquarie Bank and the National Australia Bank are among organisations participating in the test.