The securities industry is on schedule in fixing its year 2000 problem, but there still is a lot of work to do, said Don Kittell, an executive vice president for the Securities Industry Association, speaking today at a news briefing.
The SIA's recent beta test was a success, with no Y2K-related problems occurring among the 28 firms participating.
But some media reports have implied the year 2000 problem in the securities industry effectively has been solved, which is not the case, Mr. Kittell said.
``Many, many things are needed'' before the industry is ready, he said.
An industrywide year 2000 test is scheduled to begin March 6.