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?	Last change in April 1998 when the market went from T+5 to T+3.
	Extend the time of opening for settlement input by users?	Three times – all due to the RTGS system not being available. There have been a number of other incidents were a registrar has had a stock inaccessible – however these effect only that stock and not the functioning of FASTER in general.
	Delay start of day processing?	Never– while SFIDVP settlement was delayed three times (as above) transfers not against value and all other facilities were operational.
2.	Does the depository operate real time or multiple batch processing for settlement?	FASTER: FASTER operates in real-time only. Transfers are immediate, final and irrevocable. NZCSD: The depository operates real time for settlement. Transfers are immediate, final and irrevocable.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	All FASTER access is real-time and interactive. Settlement can be altered by mutual consent of parties and FASTER supports the electronic negotiation of such changes. NZCSD: The depository can communicate to members on line real time but it is not interactive.
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?	No.