Stock markets near full Y2K compliance
Stock markets near full Y2K compliance
JAKARTA (JP): Share trading after the New Year is not likely
to be disrupted by computer glitches caused by the millennium
bug, a member of the Y2K team for the capital market said on
Wednesday.
Surdiyanto Suryodarmodjo, also the president of the Indonesian
stocks clearing and guarantee agency, said all capital market-
supporting agencies had taken appropriate measures to confront
the millennium bug.
He said their Y2K compliance ranged from 83 percent to 96
percent.
He said the Jakarta Stock Exchange (JSX) was 91 percent ready,
the Surabaya Stock Exchange (SSX) 96 percent prepared and the
Capital Market Supervisory Agency (Bapepam) 96 percent ready.
Surdiyanto said these institutions had been reviewed by
independent auditors, who had tested their internal and external
systems.
He said local capital markets were not as heavily exposed to
the millennium bug because their operations were not fully
computerized.
About 42 percent of the institutions involved still conducted
their work manually, he said.
"The slow rate of computerizing the entire system turned out
to be a blessing in disguise," he said, noting that the capital
markets were still in the early stages of that process.
The Y2K compliance objective was to ensure that businesses ran
smoothly after the New Year, he said.
Despite his optimism, Surdiyanto said the capital market Y2K
committee had issued a business contingency plan should there be
any breakdowns in computer systems in the New Year.
The plans had already been disseminated to members of the
capital market, he said.
A Y2K control center has also been established. The head of
the center is Bapepam chairman Jusuf Anwar and it comprises
representatives of the Indonesian Custodian Bank Association, the
Indonesian Securities Companies Association and the Indonesian
Share Register Association.
As well as providing solutions, the center will handle
prevention efforts by setting up an information center.
The center plans to publish on Nov. 21 the readiness of the
capital market on BAPEPAM and JSX websites. (03)