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1997-09-09 17:02:05


Banks Must Prepare for Shutdown of Services, BIS Warns



The Bank for International Settlements' Governors of the Group of Ten issued a press release on September 8 that warned of y2k-related shutdowns in financial services.

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It is possible, in the light of the enormous scale and range of financial market participants, that certain applications may fail to operate smoothly on 1st January 2000. It is therefore important that all financial institutions, and in particular market bodies such as exchanges and clearing houses, develop appropriate contingency plans to deal with any interruptions to counterparty trades and payments.


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