A rehearsal for Y2K rollover of the financial services sector in Hong Kong conducted during the weekend has validated the effectiveness of the Y2K co-ordination framework and emergency response mechanism sector-wide. The rehearsal was smoothly completed and the performance of participating organizations was generally satisfactory, said a spokesman for the Financial Sector Emergency Co-ordination Center (FSECC).

"A wide range of scenarios were simulated in the exercise. They were selected in consideration of their repercussions and the level of co-ordination efforts required," said the spokesman.

Reviews will be carried out to solicit feedback from the participants so as to identify areas for improvement, he said.

The FSECC, which oversaw the co-ordination of activities at the sector-wide level in the rehearsal, was set up by the Financial Services Bureau (FSB) to deal with any potential disruptions affecting the financial services sector as a result of the Y2K problem during the millennium transition and other Y2K critical dates.

Participants of the rehearsal, organized by the FSB, came from the Financial Secretary's office, Hong Kong Monetary Authority, Securities and Futures Commission, the Stock Exchange of Hong Kong, Hong Kong Futures Exchange, Hong Kong Interbank Clearing Limited and Hong Kong Securities Clearing Company Limited.

Event management or command centers were set up by these organizations to simulate the procedures for monitoring activities during the millennium transition. (Xinhua)