I had a conference call with IBM including one of the veteran COBOL language developers on Wednesday. As far as IBM is concerned, the code is not broken and the best that can be hoped for (for us, that is) is to submit a DCR and to manually modify any of our existing programs and add an ON SIZE ERROR clause where applicable.

By the way, the last Cobol Draft Standard for which I have a copy (thanks to a friend) is:

ISO/IEC FCD 1989 : 2001 (E)
Reference number of working document: ISO/IEC/JTC 1/SC 22/WG 4 N 0147
Date: 2001-01-15
Reference number of document: ISO/IEC FCD 1989:2001

On page 405, is a table (Table 13) of Exception Conditions that indicates
division by zero is a fatality:

Exception-name Cat Description
EC-SIZE-ZERO-DIVIDE Fatal Division by zero

It also states on page 399 under "Exception Conditions" that:

"Exception conditions that would cause corrupted data, undefined execution
paths, and incorrect results are specified as fatal."

Unfortunately, the draft standard permits IBM to perform any action they
choose (from page 400):

5) If checking for the exception condition is not enabled, the implementor
defines whether or not execution will continue, how it will continue, and
how any receiving operands are affected.

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