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)?	Yes, Euroclear France is fully linked into the central market infrastructure.
2.	Is there one or more depository or settlement system in the market?	Euroclear France is currently the sole securities system operating in France for French domestic securities.
3.	If there are several, has a consolidation been considered? If yes, by when?	Not applicable.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	Yes. (Refer to Euroclear France's list of direct links).
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes, however, foreign market participants typically access the French market via a French agent bank or a local branch/subsidiary.