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?	French local codes (RGA) are still used as the primary securities identification code. There are plans to use ISIN for all securities listed on Euronext market, except for multi-listed securities where use of Euronext code is proposed. For Euroclear France and direct participants, there is a project (managed by AFTI custody group) to study the impact of use of ISIN codes instead of RGA.
2.	Are the major participants in the market linked electronically?	Yes, there is an inbound straight-through processing rate of 90%.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	No.
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?	All direct participants are identified within Euronext by a member code. These member codes will be extended to 8 digits: 000nnxyz where nn : 00 to 09 for Belgium, 10 to 19 for France, 20 to 29 for Netherlands and xyz : current member's code.