ASX Encouraged by Y2K Industry Test

ASX has completed its detailed analysis of the recent Year 2000 Industry Test (Equities). ASX co-ordinated the test, which involved 23 representative organisations (ASX, 10 brokers, 5 custodians, 6 banks and a registry processor) from across the equities industry. A complete list of participants is included below. "This complex exercise ran for more than three weeks," said ASX Managing Director, Mr Richard Humphry. "All participants contributed to the success of the exercise. ASX's analysis shows that all test participants met their respective test objectives." "This is encouraging news for domestic and international investors in Australian-listed stocks and bodes well for the beginning of 2000." The test involved some of the industry's key players and took 15 business days. It concentrated on the most common equity trading and settlement transactions. For example, during the test, brokers traded with each other in 1999 and settled the transactions in 2000 with other test participants. The process took into account simulated company announcements, namely a dividend and a bonus issue. The Industry Test Steering Committee included representatives of each sector taking part in the test and the Australian Securities and Investments Commission (ASIC). The following organisations took part in the April 1999 test: Broking Organisation (Australia): ABN Amro Equities Australia Limited; BT Alex Brown Australia Limited; BNP Equities Australia Limited; Deutsche Securities Australia Limited; J. B. Were & Son; Macquarie Equities Limited; Merrill Lynch Equities Australia Limited; Ord Minnett Group Limited; Salomon Smith Barney Securities; Warburg Dillon Read Australia Equities Limited. CHESS Institutional Participant: ANZ Custodian Services; Chase Manhattan Nominees Limited; National Custodian Services; Permanent Trustee Co. Ltd; Westpac Custodian Nominees Limited. CHESS Participant Bank: ANZ Banking Group; Bankers Trust Australia; The Chase Manhattan Bank; Macquarie Bank; National Australia Bank; Westpac Banking Corporation. Share Registry Processor: Computershare Limited.