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. Equities, Rights, ASE Indexes, Government Debts, Private Bonds, Hellenic Depository Receipts, EKAA Units.
2.	Are the major participants in the market linked electronically?	Yes, all participants are linked electronically to DSS through the use of the ASE proprietary network and the proprietary software provided by the CSD to its participants. To ensure business continuity, alternative routes are available.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	No, CSD communicates with its participants through the use of proprietary software provided by the CSD to its participants. However such standards will be used on international level. ISO15022 messages will be used to communicate with the National Bank of Greece, which acts as depository for Government Debt Instruments.
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?	Yes, CSD uses 10 digit unique identification codes for participants and client accounts. In order to utilize a single global identification methodology, new codes will need to be issued.