Securities regulators and industry groups are confident there will be no glitches in securities trading when the markets reopen in January. "We are able to report to 70 million investors that on the first trading day of the new millennium it will be business as usual, said Richard A. Grasso, chairman and chief executive of the New York Stock Exchange, at a press briefing yesterday in Washington.
Marc E. Lackritz, president of the Securities Industry Association, reiterated that sentiment, but added the industry also is developing contingency plans, including setting up a task force should problems occur. Meanwhile, the SEC has completed testing its computer systems and ensuring they are Y2K-compliant, Chairman Arthur Levitt said.
Brokerage firms and non-bank transfer agents that have not completed their Y2K compliance efforts by Nov. 15 must stop taking on new business and wind down operations by Dec. 1, Mr. Levitt said. The SEC will take legal action to stop firms that refuse to cooperate from doing business after that date, he said.