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)?	Currently, DCV is linked to trading and matching platforms (exchanges), from where it receives the information regarding trades executed in that market. It is also linked to recurrent issuers (Banks and Central Bank), from where DVC receives the detail of the securities issued dematerialised and to where DCV sends the information regarding securities' maturities and the respective beneficiaries. There is no link with payment system, because there is no electronic payment system in place yet.
2.	Is there one or more depository or settlement system in the market?	There is only one depository.
3.	If there are several, has a consolidation been considered? If yes, by when?	N/A
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, it allows. There is no problem to establish direct links between our depository and foreign systems on an equal basis to local members.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes, DCV allows foreign market participants to become direct participants. They should accomplish first the requirements established by the law to foreigners to participate in the local market.