NEW YORK, June 23, 1998 — Strategically targeting Wall Street institutions whose trading floors have yet to become year 2000 (Y2K) compliant, Hewlett-Packard Co., MarketNet Group and Microsoft Corp. today announced technology and services that would enable these firms to ready their operations for the new millennium.
The announcement was made here at the Securities Industry Association’s Technology Management Conference and Exhibit, which will be held through June 25 at the New York Hilton Hotel.
HP NetServer systems running the Microsoft® Windows NT® Server operating system with MarketNet’s consulting and integration services can serve as key elements of a financial institution’s Y2K efforts. As part of their initiative, the three companies are establishing a test center at MarketNet’s New York headquarters.
“Evaluations will include a comprehensive assessment and migration plan that ensures minimal disruption to ongoing trading operations,”
said Lizzie Sipiere, capital markets manager in HP’s financial services business unit.
“Trading firms will benefit from an offering that eases Y2K compliance while providing a computing environment perfectly aligned with the future of trading technology.”
Most trading systems need to be adjusted to recognize four digits in a year instead of just the last two. Otherwise, computers would interpret 2005, for example, as 1905, snarling pricing calculations.
“In addition, many trading floors include operating systems that require a very complex process to become Y2K compliant,”
said Tony D’Ambrosi, director of MarketNet’s integrated solution group.
“Some operating systems require as many as 20 patches to bring them to compliance. The services announced today can provide critical assistance to a company’s Y2K efforts while establishing a strategic platform for the future.”
“We recognize that the year 2000 is the most significant technology problem facing the securities industry and we are committed to helping our mutual customers with this massive issue,”
said Matt Conners, worldwide securities industry manager at Microsoft.
“We’re very excited to be working with HP and MarketNet to help trading firms with their Y2K efforts.”
The use of Windows NT Server in the securities industry is growing at an annual rate of more than 100 percent, according to The Tower Group, due chiefly to its lower total cost of ownership and greater application flexibility. Leading providers of technology to the capital markets are helping to accelerate this migration of trading floors to Windows NT. TIBCO Finance Technology Inc., for example, is making its back-end servers, messaging middleware and application programming interfaces available on Windows NT.
HP, MarketNet and Microsoft will host a series of seminars on Y2K compliance; the first will be held Sept. 17 in New York City, at Microsoft’s office. To register for the Sept. 14 seminar, please go to (expired link) . For more information about Windows NT Server and year 2000 compliance, see http://www.microsoft.com/year2000/ .
Professional services, value-added products and IT solutions for the trading room – that’s our business. With HP and our other Alliance Partners, our project life-cycle methodology brings products and services together to create tailored solutions for the trading room. Whether you are developing real-time applications, integrating disparate market data services or migrating to new technologies, MarketNet provides fast, reliable, affordable solutions. We have been the right choice for many of the world’s leading financial institutions. MarketNet Group – How can we help you? Find us on the Web at (http://www.mng.com/) .
HP is the official information-technology hardware and maintenance supplier to the 1998 World Cup soccer tournament.
Hewlett-Packard Co. is a leading global provider of computing, Internet and intranet solutions, services, communications products and measurement solutions, all of which are recognized for excellence in quality and support. HP has 125,300 employees and had revenue of $42.9 billion in its 1997 fiscal year. Information about HP and its products can be found on the World Wide Web at (http://www.hp.com/) .
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