BULLET: FX: Early Move to Daylight Savings may cause Y2K-like problems
EDT / Mar 09
FX: Given the move to Daylight Savings Time this weekend, several weeks earlier than usual, IT departments are scrambling to make adjustments to computers - calling the event a mini Y2K. There should be no major issues on trading on various Electronic Communication Networks (ECNs) for FX, analysts say. "Since the switch is taking place Sunday, all necessary changes will be implemented over this coming week-end, when most trading outfits, both buy-side and sell-side take their servers down for maintenance anyway," says Josh Levy, Managing Director at Tactical Asset Mgmt. TAM's IT team will make the changes and install the needed patch, he says. "By Sunday at 3:00 pm, when we resume our trading operation for the week, all systems should be fully functional," Levy adds.