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?	SSS uses CUSIP; DCS uses ISIN. Activities are under way to migrate all securities positions from SSS to a DCS-like platform (using ISIN's) for completion targeted for the end of 2002.
2.	Are the major participants in the market linked electronically?	Larger domestic brokers and custodians are linked electronically through the depository. Other principle trading or counterparties are linked through electronic networks, including SWIFT, vendor or proprietary communication networks, while others still are primarily fax.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	Yes - MQ Series.
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?	SSS uses local alphanumeric financial institution identification numbers (FINS) and DCS uses alpha customer unit identifiers (CUIDS). Individual participants promote the use of BIC codes for counterparty identification with clients using SWIFT and maintain the related translation tables to local identifiers.