31 December 1999 a non-transaction day for the capital market

Kuala Lumpur, 29 July 1999

The Securities Commission (SC), after consultation with market institutions, has decided that Friday, 31 December 1999, will be a non-trading and non-settlement day. It has also decided that Monday, 3 January 2000 will be a trading day.

The decision is consistent with Bank Negara Malaysia's (BNM) decision to make Friday, 31 December 1999, a non-transaction day for the banking and insurance sector and 3 January 2000 a normal business day. As the stock market utilises the services of the banking sector for the settlement of traded securities, the tandem decisions by BNM and the SC would prevent any unnecessary hitches during the rollover.

The decision to make 31 December 1999 a non-trading day is to allow the exchanges, central depository and clearing houses to consolidate their databases and to conduct full backup of their systems and databases and to test the recoverability of the backups made. Under normal circumstances the back up and consolidation would go into the next month but as a precautionary measure to avoid any data loss, the exchanges and clearing houses will work to ensure that all data is processed before midnight on 31 December 1999.

The SC is continually reviewing and monitoring the readiness of the capital market computer systems for the year 2000. The market institutions have implemented Year 2000 ready systems, having completed remediation and rigorous internal and external testing and are now concentrating on additional testing and contingency planning.


Issued on behalf of the Securities Commission by Corporate Affairs Department. For assistance, please contact Soh Beng Choo at tel. no. (603) 654 8625 or Azmi Hariss Ibrahim at tel. no. (603) 654 8184 or fax no. (603) 651 5078.

Background information:

The Securities Commission (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Securities Industry Act 1983 and Futures Industry Act 1993.

The Securities Industry Development Centre (SIDC) is the education arm of the SC. It is responsible for facilitating education and research in the development of the capital market in Malaysia through training and dissemination of findings of non-proprietary research. It is also responsible for the development of the SC's resource centre which when fully established will be the premier capital market resource centre for the region.

More information about the SC is available on its homepage at www.sc.com.my
about the SC
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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