TALLINN STOCK EXCHANGE

ANNOUNCEMENT

06.05.99

 

 

PROGRESS REPORT OF THE MILLENNIUM PROJECT OF ECDS AND TSE

 

The Estonian Central Depository for Securities (ECDS) and the Tallinn 

Stock Exchange (TSE) recognise the importance of the Year 2000 problem 

and have taken specific measures to address it to the fullest extent. 

This is despite the fact that all hardware and software of the ECDS 

and the TSE are relatively new—the current systems were launched in 

1999 and 1997 respectively. 

 

The ECDS and TSE have formed a Millennium Committee consisting of the 

TSE chairman, the ECDS chairman and IT department heads of both 

companies, which also benefits from the advice of independent experts.  

The Committee is overseeing a review of the systems, which started in 

February 1998, and includes the review of system software, hardware, 

communication lines, computer hardware, operating system software and 

network providers, as well as external users of services provided by 

the TSE and the ECDS.

 

 

The terms of reference for the project include the following:

	*To review supplied software with particular attention to the 

	 millennium date problem

	*To ensure that upgrades to supplied software are millennium 

	 compliant

	*To review internal hardware and middleware and report on 

	 potential problem areas

	*To design a strategy for monitoring internal compliance 

	*To design a strategy for monitoring compliance of external 

	 service users and service providers

	*To report all findings back to the Millennium Committee, 

	 which reports those to the Supervisory Boards of both 

	 companies

 

The schedule for the project:

1. Definition of the project, selection of strategies, 

   determination of the scope of the project and expected 

   results 

2. Inventory of IT and other technological base of the TSE and 

   ECDS

3. Evaluation of importance of information system components 

   with regard to reliability of the system as a whole; detailed 

   agenda of further activities

4. Testing

	January - February 1999 project preparations

	April - May 1999  	hardware and system software testing 

	May - June 1999 	core system testing; end-user testing with 

				external counterparts of TSE and ECDS

 

The ECDS and TSE have completed the first three stages of the project, 

and all testing will be finished by July 1 1999. Shortly thereafter we 

expect to confirm that both the TSE and the ECDS systems are millennium 

compliant, or if need be, present the test results and a plan of action 

for ensuring millennium compliance. It is expected that the Committee 

will continue to meet into the millennium to monitor the swapover period; 

which is tentatively set to end in June 2000.

 

 

Contact person:

 

Eva Palu 

Manager of Investor Relations 

eva@tse.ee

+372 6408 840