Foreign Exchange Committee Issues Y2K Guidelines

http://biz.yahoo.com/prnews/991018/ny_foreign_1.html

Quote:

"In general, the Best Practice recommends a short waiting period after a Y2K event occurs that affects a clearing bank or a central bank. If the Y2K event is not remedied within the specified waiting period, the Best Practice states that some or all affected transactions may be liquidated at then current market prices."

-- hamster (hamster@mycage.com), October 18, 1999

Answers

Herstatt Risk to Banks on Y2K

-- (m@rket.trends), October 18, 1999.

* * * 19991018 Monday

Can anyone PLEASE decipher this bankster gibberish?

I read the PDF doc twice; couldn't figure out what the real world effect this "Best Practice" will have.

TIA!!

Regards, Bob Mangus

* * *

-- Robert Mangus (rmangus@hotmail.com), October 18, 1999.