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)?	The depository is an integrated part of the Danish financial infrastructure. As such the depository itself runs the netting system and the matching facility to which stock exchange trade information is sent electronically and in real time via the participants. VP also runs a facility to capture stock exchange trade information automatically from the Norex trade system. Additionally the depository keeps 2.7 million investor accounts and is in control of all payments of dividends, interest and redemptions online via the Danish Central Bank to the investor bank accounts in the right amount on due date.
2.	Is there one or more depository or settlement system in the market?	The activities are consolidated into one system for all securities in 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?	There is no exclusivity.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Foreign Financial Institutions may become participants as well as Danish Financial Institutions.