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, with the Riksbank and Stockholmsbörsen.
2.	Is there one or more depository or settlement system in the market?	VPC is at present the only CSD in Sweden (however no legal monopoly exists). Stockholmsbörsen runs a clearing house for OM derivative products.
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?	Yes, VPC has established free of payment (FoP) links with SIS in Zurich, CrestCo in London, and with VP in Copenhagen.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes.