20000103

Forex trade systems confident after Y2K

LONDON: Foreign exchange traders and dealing systems on Sunday were reporting no glitches caused by the millennium bug and were confident as markets prepared for normal activity on Monday.

Dealing system vendors said some live trading, probably on a test basis, had already taken place without any problems.

"We know there have been some trades done since at least some parts of the world went across to the new millennium," said a spokesman at Reuters Group Plc, which operates Dealing 2000-1 and Dealing 2000-2 trading systems.

"You won't really know until the system is under stress, under normal conditions, but we're confident that it's all fine," he added.

Rival Electronic Broking System (EBS), which is owned by a consortium of big banks, also said it had experienced no Y2K-related glitches and some trades had been made through the system.

"There has been a test trade already done since the (start of) 2000," an EBS spokeswoman said.

Although precise volume figures are not disclosed, EBS has said its system handled some $90 billion worth of foreign exchange transactions, while an estimated 35 percent of foreign exchange business is transacted through Reuters systems.

Most Tokyo and London traders will be off on Monday due to a public holiday, but business should resume in many smaller financial centres elsewhere and pick up as New York dealers come in, traders said.-Reuters