London Metal Exchange Y2K Compliance Verification Completed - 3.30pm. 2 January 2000

Verification testing of all LME systems and their connections with member firms have now been completed and all systems have been found to operate normally. The LME has also received status reports from its members, the clearing house, warehouse operators and their agents and the warrant depository confirming that they have tested their operations and are Y2K compliant. Commenting today David King, chief executive of the LME, said: "The LME has now successfully completed its comprehensive programme of computer system checks. All our systems are operating normally and we look forward to the resumption of trading on 4 January. The LME enjoyed a record breaking trading year in 1999 and we intend to do all we can to carry that forward in 2000. "New Year's day was dedicated to testing our in-house systems and our links with the London Clearing House. Today we have concentrated on the links between our systems and those of our members. "Progress over the weekend has been smooth and efficient, which is a tribute to the very detailed preparatory work that has been undertaken for over two years. "We are confident of trading as usual on 4 January but we are not in the least complacent. Staff at the LME will continue to monitor the situation tomorrow, and we shall remain vigilant. Also we shall take great care to ensure that we successfully tackle the leap year roll over."