All U.S. futures exchanges and 135 clearing member firms are in good...

All U.S. futures exchanges and 135 clearing member firms are in good shape concerning Y2K problems, according to results released by the Futures Industry Association. Test results reported by 79 of the 96 participating FCMs (firms that handle customer business) showed more than 18,000 trades were processed with less than 1% of the trades experiencing problems. The industry-wide effort was designed to test interfaces between exchanges and firms to ensure that applications and operating system software are Y2K-compliant. The test was conducted over four weekends: March 27, April 10 and 17, and May 8 of this year. Dates tested include 12/31/99, 1/3/00, 1/4/00 and 2/29/00. Scripts were developed for all U.S. exchanges to reflect the variety of trade practices at each exchange. Exchanges required all clearing member firms to participate.