ACI Proposes Settlement Schedule To Combat Millennium Bug Threat
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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
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