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)?	DECEVAL is linked electronically and in real time to all major market participants. However, the system is not linked to either the trading or payment platforms. DCV is linked electronically and in real time to SEBRA, the electronic payment system of the Central Bank, but not to the trading platform.
2.	Is there one or more depository or settlement system in the market?	Colombia has two CSDs. The DCV is the depository for government fixed income securities in dematerialized form. DECEVAL is a privately owned CSD, which handles both equity and fixed income securities in immobilized form.
3.	If there are several, has a consolidation been considered? If yes, by when?	No.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	DECEVAL: According to DECEVAL by-laws, any entity accepted as a direct depositor can be electronically linked to the depository. DCV: The DCV only allows direct depositors to be linked with the CSD system. The DCV considers direct depositors to be institutions under the supervision of the Superintendency of Banks or of Securities.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	DECEVAL: Yes DCV: No, the DCV only accepts direct depositors under the supervision of the Superintendency of Banks or of Securities.