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, CSD is electronically linked with Athens Stock Exchange, for the delivery of trade data, Alpha Bank, for the cash settlement, Athens Derivatives Clearing House for the delivery of transfer orders, Bank of Greece, for the delivery of transfer orders in case of execution of Bond Futures.
2.	Is there one or more depository or settlement system in the market?	Yes, CSD is the depository and the settlement system for equities listed on the Athens Stock Exchange. Bank of Greece is the depository and the settlement system for government debt instruments.
3.	If there are several, has a consolidation been considered? If yes, by when?	No, consolidation has not been considered yet.
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, CSD does not impose prohibitions to the business activity of its participants.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes as long as they are also remote members of the Athens Stock Exchange.