KSEI prepared for Y2K

JAKARTA (JP): Activity at the Indonesian Central Securities Depository (KSEI) will not be affected by the Y2K bug because the depository's settlement system is still manually delivered, Capital Market Y2K Implementation Committee chairman Surdiyanto Suryodarmodjo said.

"The current settlement system is still done by physical delivery, with a book-entry settlement system to be implemented by the end of March 2000," he said. He was clarifying an article which appeared recently in The Jakarta Post about the company's preparedness for the Y2K bug.

The article said the agency's existing settlement system was not Y2K compliant.

Surdiyanto said that because the depository used a manual system did not mean it was not Y2K ready.

"In relation to the Y2K bug, it will not affect overall transactions considering transaction settlements are conducted by manual physical delivery."(udi)