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)?	Yes, electronic links exist between the KDPW and the Warsaw Stock Exchange and CTO. At the end of their sessions, the WSE and CTO market send the National Depository registration documents relating to transactions concluded in those markets. An electronic link exists also between the KDPW and its settlement bank - the National Bank of Poland. Cash settlement of the transaction takes place across the accounts of payment banks in the Payment System Department of the National Bank of Poland, using the SORBNET system.
2.	Is there one or more depository or settlement system in the market?	The Central Register of Treasury Bills, held by the National Bank of Poland, performs the role of central depository for Treasury bills.
3.	If there are several, has a consolidation been considered? If yes, by when?	No.
4.	Does (do) the securities system(s) allow other domestic or foreign systems to establish direct links on an equal basis to local members?	Yes.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Following the authorisation and terms and conditions defined by the Polish Securities and Exchanges Commission, institutions or other organised entities with their registration address outside the territory of Poland and performing the role of a central securities depository or carrying out the settlement of transactions concluded in securities trading, may become National Depository participants.