Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 2

Securities Systems must allow the option of network access on an interactive basis. They should cope with peak capacity without any service degradation, and have sufficient standby capabilities to recover operations in a reasonably short period within each processing day.

1.	How often, over the last twelve months, has the depository been required to:	The only changes were in connection with a change of the standard settlement cycle for OTC transactions in April 2001 (DVP settlement: T+2; FOP settlement T+0). No changes were forced by unforeseen circumstances.
	Change its published settlement timetable?	Never.
	Extend the time of opening for settlement input by users?	Never.
	Delay start of day processing?	Multiple batch processing.
2.	Does the depository operate real time or multiple batch processing for settlement?	The connection is dial-up. Once a user is logged into the system, it operates in an interactive, real-time environment.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	No.
4.	Has the depository ever failed to recover an outage within the day or failed to start processing runs for a whole day; and, if so, when did that failure arise and what steps have been taken to prevent a similar event in the future?	No.