Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 1

Securities Systems* have a primary responsibility to their users** and other stakeholders. They must provide effective low cost processing. Services should be priced equitably.

* Securities Systems = depositories, settlement and clearing systems
** Users = customers of the securities system, and all other parties to whom the securities system owes a duty of care

1.	Is the board that governs the depository answerable to its users?	Yes, Central Securities Depository SA is administrated by a Board of Directors consisting of seven members elected by the general meeting of the shareholders. The Board of Directors accounts for it's work to the General Meeting. The General Meeting of the Securities Depository SA is the supreme body of the Company and has the most extensive power to decide on the affairs of the Company.
2.	Does any single organisation, or sector (e.g. brokers, custodians, Stock Exchange) have a large voting position at the board of the depository?	Yes, the principal shareholders of the CSD is the Athens Stock Exchange SA, holding the 38,5% and Hellenic Exchanges S.A with holds 32,13% of the CSD´s share capital amount. The rest is divided among: Banks listed on the ASE (14,99%), Mutual Fund Management Companies (4,66%), Portfolio Management Companies (9,88%), Brokerage Firms SA (0,16%). Each share entitles its holder to cast one vote in the General Meeting. The resolutions of the General Meeting are taken by absolute majority of the votes represented in the meeting, with the exception of certain cases specified by the relevant legislation.
3.	Is there cross subsidisation of products (e.g. international services subsidised by local ones or transaction costs subsidised by asset servicing charges)?	Yes. CSD´s main income derives from the fees charged on the settlement of trades and the fees charged to the issuers on the services they receive for their corporate actions processing. Currently CSD provides the investors with a series of information services on their Securities Account free of charge.
4.	What process is in place at the depository to ensure that it meets the needs of all its stakeholders (e.g. institutions, broker dealers, retail investors, issuers)?	The Board of Directors comprises by representatives of major shareholders and stakeholders. Additionally CSD participates in working groups together with representatives of the stakeholders in order to receive input and discuss issues relating to its operation.
5.	What is the communications strategy of the depository to its stakeholders and how is this run?	CSD´s communication strategy with its stakeholders has two legs: On the first leg, aiming to the information of stakeholders and the public in general, the Marketing & International Relations Department issues a series of publications (annual report, statistical bulletin, newsletter, fact book, rules and regulations, etc), operates the company´s website, and communicates information on any new products and services though press releases, brochures, direct mailing and all available means (Internet, press, e-mail, fax, post). On the second leg, aiming to the every day communication with its participants, the issuers and the investors, CSD operates specialized departments and a call-center facility.