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 with Deutsche Borse AG, MTS in Italy., EASDAQ. Additionally direct links to KELER in Hungary, CrestCo in the UK, the Reserve Bankf of New Zealand and Euroclear Bank.
2.	Is there one or more depository or settlement system in the market?	No.
3.	If there are several, has a consolidation been considered? If yes, by when?	Not applicable.
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, other CSD's may have a link with Clearstream Banking through the opening of an account, becoming thereby a customer. There is no discrimination between domestic and foreign customers as they are all treated on the same basis
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes, subject to eligibility and acceptance as a customer of Clearstream Banking.