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?	Yes, use of ISIN has been adopted in the market.
2.	Are the major participants in the market linked electronically?	Yes, all participants are linked electronically.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	Yes, ISO 15022 is being used for cross-border transactions.
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?	The market operates standard identification codes, which do not fit into the BIC - ISO 9362. (See ISO 15022-web for local Danish market practice). The depository is however, in the phases of investigating the possibilities for introducing BIC as an optional identification.