Stock exchange to work on Dec 31

By Adam Gifford

The New Zealand Stock Exchange has no plans to follow the lead of the Australian Stock Exchange and cancel trading on December 31.

The ASX, which has put considerable effort into ensuring its clients face up to the threat posed by the Y2K computer bug, said many of its clients wanted an extra day to round off their books and prepare for the millennium roll over.

Other exchanges including Britain, France, Germany and Tokyo have also said they will be closed on New Year's Eve.

The New Zealand exchange has consistently taken a hands-off approach to the problem.

"We are not worried by Y2K," said chief executive Bill Foster.

"We still plan to be open on December 31."

That decision could still be reviewed, depending on clients' wishes.

"A lot of people trading would like to get away early so they can go on holiday."