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?	Yes.
2.	Are the major participants in the market linked electronically?	They are linked to the Stock Exchange as well as the CSD.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	As of today, the answer is no. As a result of the work in the Norwegian SWIFT Market Practice group, a project started in August this year, in order to establish communication using ISO15022.
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?	The identification of custodian banks and brokers, i.e. direct market participants, uses a local code within the VPS-system. Internationally the SWIFT BIC is standard in settlement instructions, confirmations and reporting.