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?	At no occasion has the settlement day been changed.
	Extend the time of opening for settlement input by users?	The last reporting hour to the VPC system during the day S-1 has been changed a number times, which is possible according to the VPC rules and regulations.
	Delay start of day processing?	At no occasion has the opening session of the settlement day been changed.
2.	Does the depository operate real time or multiple batch processing for settlement?	VPC applies only one batch per day for settlement.
3.	Does the depository allow interactive communication (on line real time) with its users, enabling settlement input and amendment?	Yes.
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?	Never since the start of the book entry system in December 1989.