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:
	Change its published settlement timetable?	There have been no changes to DECEVAL ‘s settlement timetable over the last twelve months. DCV has not changed its published settlement time over the last twelve months.
	Extend the time of opening for settlement input by users?	DECEVAL has not extended opening hours for its system over the last twelve months. Users can request that the closing time of the system be extended until 9:00 p.m., when night processing begins. DCV has not extended the opening hours of its systems over the last twelve months.
	Delay start of day processing?	DECEVAL has not delayed the start of day processing over the last twelve months. The DECEVAL system is accessible from 7:30 a.m. to 7:00 p.m. DCV has not delayed the start of day processing in the past twelve months.
2.	Does the depository operate real time or multiple batch processing for settlement?	DECEVAL effects the settlement of securities in real time on a gross basis for OTC trades and through a batch cycle for exchange trades. DECEVAL does not currently deal with the settlement of the cash countervalue. DCV operates a real time gross settlement system. The system operates on a true DVP basis.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	Yes, DECEVAL operates an on-line, real time system. Participants input trades into the system and have the ability to amend instructions that have not yet been confirmed. DCV operates an on-line real time system. Counterparts can input trades into the system and make amendments as long as the participant has not confirmed the transaction in the system.
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?	There is no history of an outage at either DECEVAL or DCV.