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)?	Stock Exchange: All trades executed on the Vienna Stock Exchange are electronically routed to and thereafter cleared and settled by SICS, the SettlementInformationClearing System developed and run by OeKB. SICS is electronically linked to the settlement system. OTC trades: Link to the ARTIS system, a component of the Austrian National Bank RTGS (part of TARGET) does exist and enables participants to settle in central bank money.
2.	Is there one or more depository or settlement system in the market?	OeKB is the only SSS and CSD in Austria.
3.	If there are several, has a consolidation been considered? If yes, by when?	Not applicable.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	Yes. Currently, Euroclear is an active participant in the CSD settlement system. Orders are transferred, matched and executed electronically. The CSD settlement system is linked to the Clearstream Banking Frankfurt system. This link enables all participants of both systems (German, Austrian) to effect fully electronic settlement of their transactions.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes. The CSD accepts domestic and foreign financial institutions subject to their operation in a legal environment to allow them to be bound by the rules and regulations of the CSD. Today, about 15 % of all participants are foreign financial institutions.