I've tested a version of your code Kelly (shown below) and both versions
display True.  I compiled for both OPM and ILE and got the same results.  I
can only suspect that the data does not contain what you thought.
Alternatively you may be missing some PTFs.

       77 WS-RISK-CODE Pic XX Value "FX".
       77 WS-FLAG      Pic X  Value "Y".
         88 WS-ORDER-DOES-NOT-EXIST value "Y".
       Procedure Division.
           IF WS-RISK-CODE = "FX" AND
              Display "True 1"
           IF (WS-RISK-CODE = "FX" AND
              Display "True 2"

Jon Paris

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