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Successful Y2K Industry Wide Test For SFE and NZFOE

Date 09/08/1999

A Y2K Industry Wide Test (IWT) by Members of the Sydney Futures Exchange (SFE) and its subsidiary, the New Zealand Futures and Options Exchange (NZFOE), has been successfully completed for both markets. The IWT was an integrated Y2K test of the core systems used in the day-to-day activities of SFE and NZFOE markets. Participants included 22 Members of SFE and NZFOE who together represent over 95% of the clearing registration volume for both exchanges. All the Back Office Accounting system providers within each market also supported the IWT. The IWT began on 3 July 1999 and was conducted over five consecutive Saturdays involving in excess of 100 SFE and NZFOE staff and participants. Systems were aged to the following Y2K test dates: 31 December 1999 (set-up test) ; 31 December 1999; 3 January 2000; 29 February 2000; 1 March 2000. All participants met the core success criteria established for the IWT by reconciling cash and positions for each of the test days to SFE's Clearing House. A minor Y2K-related problem was experienced during testing of 3 January 2000 when the application software of two participating Members had the incorrect date of 3 January 1900 displayed. This problem was rectified on the day by a simple software upgrade provided by the Members' software vendor. Documents detailing the IWT's scope and approach can be found on the Y2K pages of the SFE website at www.sfe.com.au This statement is a Year 2000 disclosure statement for the purposes of the Year 2000 Information Disclosure Act 1999. A person may be protected by that Act from liability for this statement in certain circumstances. This statement has been authorised by L V Hosking, Chief Executive and Director. For further information please contact: Mr Leslie Hosking, Chief Executive and Director, Sydney Futures Exchange Limited, Tel: +61 (0)2 9256 0555, Fax: +61 (0)2 9256 0666