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.
2.	Is there one or more depository or settlement system in the market?	In the Netherlands is Necigef/NIEC the only depository as well as the only settlement system.
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, the Dutch Central Depository has established direct links with several other CSDs.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes.