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, local codes are used which are alphanumeric with a maximum of 10 - 12 characters. For equities the short name is included. Fixed Income securities are denoted by short name, rate and the issuance or maturity date the market does not use ISIN as the primary securities identification code. DCV (the central depository) has applied for membership in ANNA, and ANNA has selected DCV as the securities numbering agency for Chile.
2.	Are the major participants in the market linked electronically?	Yes, DCV runs an extranet where participants can register and settle their transactions (Security side only). Also, this network is used to exchange, with issuers and payers, data related to securities' maturity.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	Currently, the market does not use ISO standards for securities messaging. DCV developed its own messaging system. Exchanges have also their own registration systems, not based on ISO standards.
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?	Participants have their individual identification codes to operate in the market and register transactions in DCV. If it is necessary to adapt these local standards to a single global identification methodology, then our market should work to achieve it, as soon as it is possible.