Some of the major technology projects on trading desks are receiving the resources necessary for their completion. According to a study by Boston-based research firm The Tower Group, for the Securities Industry Association, securities firms are wasting no time or money preparing for the Order Audit Trail System, Year-2000 compliance, decimilization, T+1 and capacity expansion. The study, however, stresses that implementing the Year-2000 and other projects – which have Dec. 31, 1999 deadlines – must not compromise separate projects.
"Information technology is critical to the strategic direction and the day-to-day operation of securities firms," said Marc Lackritz, president of the SIA, in a prepared statement. "Industry participants must work together to clearly define project scopes and develop realistic implementation schedules."
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