Australian Stock Exchange takes New Year off

DUE to Y2K concerns, there will be no trading or settlement on the Australian Stock Exchange on 31 December 1999.

This will allow the ASX and market participants time to perform end of day, end of month and end of year processing and back ups on 31 December without extending into 1 January 2000.

The decision followed extensive consultation with industry participants.

This approach is consistent with that taken by some other stock exchanges in other countries.

However, despite the close, the ASX is likely to be the first major stock exchange in the world to open for business in 2000.

Whether or not the ASX will close on 3 January will depend on whether either New South Wales or Victoria declares a public holiday.