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)?	The Depository is linked to the Caracas Stock Exchange for reporting only. It maintains information to brokers and market participants which are updated several times throughout the day, through its internet based information system Sitrad 2000. It does not maintain other linkages, such as matching platforms and payments systems.
2.	Is there one or more depository or settlement system in the market?	There is only one depository system in the market. Nevertheless, transfer agents maintain similar role in the market.
3.	If there are several, has a consolidation been considered? If yes, by when?	Transfer agents and depositories have not considered consolidation.
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, it does.
5.	Does (do) the securities system(s) allow foreign market participants to become direct participants?	Yes, it does.