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?	Yes.
2.	Are the major participants in the market linked electronically?	Yes, VPC and Stockholmsbörsen are electronically linked with all account operators/clearing members and broker members respectively.
3.	Does the depository communicate using true (i.e. not bilaterally agreed on sub-standards) ISO standards for securities messaging?	Yes, for cross-border links SWIFT message standard (i.e. ISO 15022) is applied. No, the VPC-system for domestic communication does not use ISO standard.
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?	Stockholmsbörsen use short name but plans to use ISO MIC-codes for addressing various internal sub markets in their order routing system. VPC use BIC codes.