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?	In the past 12 months we have not deemed necessary to change settlement terms.
	Extend the time of opening for settlement input by users?	It has not been necessary to extend the time of opening under any of the systems.
	Delay start of day processing?	The settlement process has never been delayed for any reason.
2.	Does the depository operate real time or multiple batch processing for settlement?	With the sole exception of the settlement process, CAVALI always operates on real time.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	Currently, we only allow information to be entered into the system. Amendments can only be done by CAVALI. There are plans for the implementation of systems which will allow some of the participants to enter amendments.
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?	CAVALI has never failed to carry out the settlement processes corresponding to a day.