In our effort to assess year 2000 compliance, we reviewed all hardware and software of our internal systems liaising with our vendors to gauge the extent of changes necessary to achieve full compliance. As a part of our business operations, the SEB has continued the testing of our mission critical systems to ensure a smooth rollover.

To date, we have not experienced any material operational difficulties associated with the advent of the year 2000. However, our interdependency on the degree of Y2K compliance of our members (brokers, issuers) has necessitated correspondence requesting information on their status. The responses to these statements have been positive with companies declaring their readiness.

All mission critical systems of the SEB and the BCSDI are Y2K ready. We are fortunate in that, the SEB is not far removed from its manual systems so we can revert to those systems as a short-term contingency plan.