Recommendation 1 Recommendation 2 Recommendation 3 Recommendation 4

Recommendation 5 Recommendation 6 Recommendation 7 Recommendation 8

Market selection

Recommendation 2

Securities Systems must allow the option of network access on an interactive basis. They should cope with peak capacity without any service degradation, and have sufficient standby capabilities to recover operations in a reasonably short period within each processing day.

1.	How often, over the last twelve months, has the depository been required to:
	Change its published settlement timetable?	No, there have been no published timetable changes over the past twelve months.
	Extend the time of opening for settlement input by users?	Yes, this is done for particular customers in response to operating difficulties they may be experiencing.
	Delay start of day processing?	The day time processing commences at a fixed time, we accommodate some flexibilty if specifically requested by a customer on the understanding there is no impact on the end of day timings which would effect the entire customer base.
2.	Does the depository operate real time or multiple batch processing for settlement?	The Securities Settlement System operates multiple batch processing.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	Clearstream International has had interactive communication with its users for a long time now and upgrades it frequently. In April 2001 Clearstream International commenced a phased roll out of Creation Online, a browser based communications tool that allows customers on line access to the Creation platform, enabling settlement input and amendment, on line queries and ad-hoc reporting.
4.	Has the depository ever failed to recover an outage within the day or failed to start processing runs for a whole day; and, if so, when did that failure arise and what steps have been taken to prevent a similar event in the future?	This has never occurred.