Compliance Report ISSA Recommendations 2000

ISSA - International Securtities Services Association

Compliance to the ISSA Recommendations 2000

Market: Argentina

Status: October 29, 2001

Recommendation 1
Recommendation 2
Recommendation 3
Recommendation 4

Recommendation 5
Recommendation 6
Recommendation 7
Recommendation 8

Market selection

Recommendation 3

The industry worldwide must satisfy the need for efficient, fast settlement by full adherence to the International Securities Numbering process (ISO 6166) and uniform usage of ISO 15022 based standards for all securities messages. The industry should seek to introduce a global client and counterpart identification methodology (BIC - ISO 9362) to further facilitate straight through processing. Applications and programmes should be structured in such a way as to facilitate open inter-action between all parties.

1. Does the market use ISIN as the primary securities identification code? No. We use a combination of alphanumeric codes that are proprietary to this market. Nevertheless, Caja de Valores S.A.gives an ISIN code to all domestic securities that are issued.

2. Are the major participants in the market linked electronically? Yes. Major participants are linked electronically through a Safe Communications System (SCS) that the Depository has put in place. Without any prejudice to the foregoing, securities markets have proprietary electronic securities trading systems, namely SINAC (Mercado de Valores S.A.), and MAESOP (Mercado Abierto Electrónico).

3. Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging? No. We use communications systems and/or instruction formats developed by Caja de Valores S.A., which are previously agreed upon with participants.

4. Does the market operate standard identification codes for counterparties or client accounts and, if so, how do (or could) these fit into a single global identification methodology? There are different participant identification codes in the market, depending on the section where participants conduct their activity (Caja de Valores S.A., Banco Central, Mercado de Valores, Mercado Abierto Electrónico).
At present, plans have not been developed to fit these participant codes into a global identification program.

1.	Does the market use ISIN as the primary securities identification code?	No. We use a combination of alphanumeric codes that are proprietary to this market. Nevertheless, Caja de Valores S.A.gives an ISIN code to all domestic securities that are issued.
2.	Are the major participants in the market linked electronically?	Yes. Major participants are linked electronically through a Safe Communications System (SCS) that the Depository has put in place. Without any prejudice to the foregoing, securities markets have proprietary electronic securities trading systems, namely SINAC (Mercado de Valores S.A.), and MAESOP (Mercado Abierto Electrónico).
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	No. We use communications systems and/or instruction formats developed by Caja de Valores S.A., which are previously agreed upon with participants.
4.	Does the market operate standard identification codes for counterparties or client accounts and, if so, how do (or could) these fit into a single global identification methodology?	There are different participant identification codes in the market, depending on the section where participants conduct their activity (Caja de Valores S.A., Banco Central, Mercado de Valores, Mercado Abierto Electrónico). At present, plans have not been developed to fit these participant codes into a global identification program.