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?	The ISIN code is the most common form of identifier in Luxembourg for which Clearstream is the national numbering agency.
2.	Are the major participants in the market linked electronically?	Yes. Participants in the market are linked to Clearstream as ICSD and CSD of Luxembourg (Luxclear). Communication is executed in the recognised mediums which participants have requested.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	Clearstream provides the full service to support communication in the ISO standard message formats. Clearstream will adhere to ISO 15022 standards and Securities Market Practice (SMP) rules when they are fully implemented later this year.
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?	Clearstream use a 5-digit account number for identification of all participants. Due to the complexities of the account structures, there cannot be a link to the present single BIC code identifiers. Clearstream do however adhere to the Securities Market Practice rules for ICSD's.