Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 6

Convergence of Securities Systems, both within countries and across borders, should be encouraged where this eliminates operational risk, reduces cost and enhances market efficiency.

1.	Is the depository linked electronically and in real time with other segments of the core market infrastructure (e.g. trading platforms, netting systems, matching platforms, payment systems)?	Yes. At its Electronic Data Processing (EDP) Centre, Caja de Valores S.A. runs every program connected with securities trading, dissemination, settlement, and custody. These systems are interconnected and all participants have access thereto. Furthermore, Caja de Valores S.A. maintains its proprietary Securities Custody System in a stand-alone environment.
2.	Is there one or more depository or settlement system in the market?	Under the institution known as Depósito Colectivo pursuant to Act 20643, securities custody is in charge of Caja de Valores S.A., which is the only entity that has legally been authorized to act in such capacity to date. In addition, there are two clearing systems for trade settlement (MERVAL and Argenclear), where participants manage their own securities settlement accounts within Caja de Valores S.A. environment. On the other hand, there is a governmental institution (CRYL), reporting to Argentina's Central Bank (BCRA), which is a Central Registrar and Settlement Agent for certain government debt securities, where Caja de Valores S.A. maintains an omnibus account to hold such securities on behalf of its own participants ("Depositors").
3.	If there are several, has a consolidation been considered? If yes, by when?	Despite the fact that there has been no system consolidation so far, this possibility is currently under study.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	At present, Caja de Valores S.A. provides depository services, as a direct participant, to SCLV-Madrid, Spain, on an equal footing with other participants. Also on an equal basis, through its custodian, a direct participant, Caja de Valores S.A. provides services to Euroclear and Clearstream.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Caja de Valores S.A. allows foreign market participants to become direct members, with the Comisión Nacional de Valores' (CNV) approval.