CME Successfully Begins 'Y2K'

Chicago Mercantile Exchange officials announced they encountered no Y2K problems upon the completion of testing of computer systems and an evaluation of the infrastructures supporting its trading floors, the GLOBEX®2 electronic trading system and the entire CME Exchange Center at approximately 3 p.m. this afternoon. "The Chicago Mercantile Exchange successfully completed a thorough assessment of our Y2K readiness since the beginning of the New Year," CME Chairman Scott Gordon said, "and I am happy to report that no problems related to Y2K were encountered, either internally or in our interfaces with member firms. We expect business as usual when the CME opens the first U.S. markets in the new millennium at 5:30 p.m. Sunday evening." Key CME staff remained at the exchange over the weekend, reviewing and testing both operating systems and support services such as electrical, water, heating and lighting. Tests of operating systems, application systems, order routing systems and other member firm interfaces-including CUBS2,TOPS, CLEARING 21 and the GLOBEX2 electronic trading system-revealed no problems related to Y2K. Member firms were able to send orders through the systems to assess the functionality of their own systems as they interface with the CME. U.S. financial markets reopen with the start-up of the CME's GLOBEX2 electronic trading system beginning at 5:30 p.m. Sunday, Jan. 2. The CME's benchmark stock index contracts, futures and options on the S&P 500 and E-mini S&P 500, will begin trading then, along with futures and options on currencies and interest rates. Regular trading begins on the CME's trading floors on Monday, Jan. 3, at 7:20 a.m. for currencies and interest rates, 8:30 a.m. for stock indexes and 9:00 a.m. for agricultural products.