ACI Proposes Settlement Schedule To Combat Millennium Bug Threat


LONDON--ACI--The Financial Markets Association has recommended a schedule of settlement dates aimed at tackling the payment and risk problems associated with the Year 2000 computer bug.

The proposals recommend central banks declare December 31, 1999 and January 3 and 4, 2000 as non-settlement dates.

ACI also recommends that banks settle all contracts that mature on December 31 a day earlier, on December 30. Contracts maturing on January 3 and 4 should be settled on January 5.

The schedule is in