European monetary union

The Reuters Euro Programme established to handle the product-related issues arising from European monetary union was completed successfully.

The programme addressed changes to Reuters systems and products required to meet the demands of the single European currency. Product revisions to address euro issues were completed and tested on time.

Conversion and testing of approximately 1 billion pieces of information held on Reuters historical databases took place over the four days prior to the opening of the markets on 4 January 1999.

The incremental external costs incurred on the Euro Programme amounted to £6 million in 1998. Some additional expenditure will be incurred in 1999, principally related to the additional client support required in the first few weeks of the year.