The Chicago Mercantile Exchange's computers are ``well positioned'' for the year 2000, said Donald Serpico, executive vice president for operations, speaking today before a U.S. Senate panel.
The year 2000 is ``a problem of major magnitude and will require cooperation and coordination across the futures and financial services industries,'' he said.
After assessing its computer programs, systems and software, the CME calculated that 57% of its systems and programs were already year 2000 compliant, he said. That includes its clearing system and its forthcoming electronic trading system, he said.
Mr. Serpico told the panel that code fixing and testing should be finished by March 1999. The CME also has contingency plans ready in case of unexpected year 2000-related problems.