The testing of the systems was done in accordance with the requirements of the British Standard Institute document DISC PD 2000-1.
The systems correspond to the following requirements set forth in the document:
The Y2K compliance project consisted of the following activities:
The project was started by the Millennium Committee in February 1998. The first stage included raising awareness of the problem’s nature and informing stakeholders of potential system complications.
The inventory review was conducted in fall 1998 and updated in February 1999. Compliance checks will be conducted upon the acquisition of new equipment and software to ensure Y2K readiness.
The equipment, software and products used were ranked in three categories according to their level of importance in carrying out the functions of the organisations.
Testing consisted of preparations in January and February 1999, hardware and system software testing in April and May, followed by core system testing and end-user testing with external counterparts of TSE and ECDS in May and June.
The purpose of testing was to evaluate Y2K compliance of the TSE trading system, ECDS registry software and user interfaces of the clients of both organisations. The communication lines were not tested for technical considerations.
The TSE trading system was tested by Hansapank (Hansabank), Eesti Ühispank (Estonian Union Bank), Optiva Pank (Optiva Bank), Talinvest Suprema Väärtpaberid (Talinvest Suprema Securities) and Sthenos Grupp (Sthenos Group). The ECDS registry software was tested by Hansapank, Eesti Ühispank and Optiva Pank.
The ECDS also participated via Hansapank in the international testing program "Custody 2000".
All tests were completed successfully.
The suppliers of TSE and ECDS system software, upon the completion of independent testing, have also confirmed that the products fully conform with the requirements.
The TSE and ECDS are of the opinion that the systems of two organisations are Year 2000 compliant. The TSE and ECDS, however, will continue to monitor and test their systems in order to be fully prepared. This includes:
The TSE and ECDS continue to specify and implement the recovery plan.
Detailed procedures to ensure smooth transition to the next millennium are to be specified. The changeover period is tentatively set to end in June 2000.
The Millennium Committee consists of the TSE chairman, the ECDS chairman and IT department heads of both companies.
Additional information:
Eva Palu
Head of Marketing and Public Relations Department
phone: +372 6408 800
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