Swiss bourse encounters no Y2K troubles

The Swiss stock exchange has so far escaped the millennium bug, but the real test will come on Tuesday, when the market opens for the first time. Problems are not expected because the bourse was considered Y2K competent when it started trading in 1996.

The Swiss Stock Exchange (SWX) remained closed Monday as the market authorities continued to test systems for the millennium bug.

The SWX’s Marcel Naegler said the market has “encountered no millennium bug problems during testing thus far, and is set to resume trading on Tuesday”.

The stock market in Switzerland was actually considered Y2K competent when it began trading back in 1996.

It was then the authorities introduced four digit years for computer systems, thereby avoiding the possibility that the year 2000 would be read as 1000 or 1900.

Over the weekend the Swiss Bankers Association reported no problems caused by the change in date.

However, the association did warn that the real test for banking systems would come when markets reopen this week.

So far currency and stock markets throughout Asia have been working well, encountering no millennium mischief.

Markets in London and New York remained closed Monday because of public holidays.