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?	ISIN numbers are the primary form of identification for securities in public trading in Poland. The Depository performs the role of National Numbering Agency and assigns ISIN numbers to all publicly traded securities, including Treasury bills, which are deposited at the Central Register of Treasury Bills held by the National Bank of Poland.
2.	Are the major participants in the market linked electronically?	Depository participants are linked electronically to the National Depository through the Electronic System for the Distribution of Information.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	The Depository uses its own messaging standards for communication with its participants. KDPW intends to introduce ISO 15022 compliant messaging standards with the implementation of its new depository-settlement system in the first quarter of 2003.
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 KDPW depository-settlement system uses its own codes for identifying the system participants and the functions they perform.