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)?	CAVALI's system (named "CAVALI") is linked on-line with the systems of the Lima Stock Exchange, the Settlement Bank, our participants and some of the issuers.
2.	Is there one or more depository or settlement system in the market?	There is a single Depository, Clearing and Settlement System, CAVALI ICLV S.A.
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?	The is no legislation prohibiting it, but none are in place today. CAVALI is linked online to its participants.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Foreign settlement systems can become CAVALI direct participants, as could other entities authorised by the Commission.