JSX ready for the millennium bug
JSX ready for the millennium bug
JAKARTA (JP): The president of the Jakarta Stock Exchange
(JSX), Mas Achmad Daniri, said on Tuesday the exchange was nearly
year 2000 compliant.
"Almost 100 percent of the hardware in the exchange's
infrastructure is Y2K compliant," Daniri said.
However, he said some minor problems in a few areas still
required further attention.
"Only some minor areas need fine-tuning," he said, adding
that the exchange was working with an Australian Y2K auditor
firm.
The exchange's management has now turned its attention to
helping exchange members and listed companies reach Y2K
compliance.
According to the exchange's latest bulletin, of 46 exchange
members, 20 are 100 percent Y2K compliant, 18 are 75 percent
compliant, three are 50 percent compliant, three are 25 percent
compliant and one is 90 percent compliant.
The bulletin also said most of the companies listed on the JSX
were nearly Y2K compliant.
As the next millennium approaches and with the press
progressively reporting the threats behind the millennium bug,
many local companies have become increasingly anxious about the
future of their computerized operations.
Experts said it could take up to three years to make the
computerized system and equipment of a big corporation Y2K
compliant, and cost the corporation up to US$30 million.
Smaller companies with less dependency on computer systems may
take less time to carry out the Y2K preparation program, and cost
them about $50,000.
Daniri also said the exchange's infrastructure was compatible
with the planned system for the secondary market for government-
issued bonds.
He said JSX management would work with the management of the
Surabaya Stock Exchange to support the establishment of the bond
market.
The government has said it will coordinate with the central
bank and capital market authorities to set up a secondary market
for the bonds.
Daniri said he had met with officials from the Ministry of
Finance to discuss the establishment of the bond market. (udi)