Grupos de Trabajo # 9 - Informe Working Group # 9 – Report Principle 21 An FMI should be efficient and effective in meeting the requirements of its participants and the markets it serves. Principle 22 An FMI should use, or at a minimum, accommodate international accepted communications procedures and standards in order to facilitate efficient payment, clearing, settlement and recording.

Working Group # 9 Principle / Principio # 21 An FMI should be efficient and effective…. 1.What constitutes "compliance" with the Principle? Describe (in specific terms) the state characteristics of a CSD that fully meets the requirements of the Principle. 1. “Qué constituye el “cumplimiento” con el Principio? Describe (en términos específicos) el estado /características de un DCV que responda plenamente los requerimientos del Principio. The FMI, including its ownership and governance structure, settlement and operating processes, delivery systems and technologies, products and services, and related cost structures and fees, demonstrate that its mission and strategies are focused on and driven by its participants’ and markets’ needs and expectations. The FMI shows conscientious commitment to supporting its participant relationships at all levels, providing communications and training for immediate users and also engaging with higher level executives and expert s. The FMI, having a unique view of the industry overall, should also strive to contribute thought leadership to its participants and markets. The FMI identifies its goals and targets and regularly discloses its results and progress against its goals and budgets. The FMI informs participants, including collectively via industry associations, of its plans and involves its participants, both to confirm market demand and support, to realistically assess project risks, and to gain product development expertise and advisory insights. The challenge of this Principle is to balance shareholders, particpants and investors needes as well as, keeping in mind the for-profit status of most FMIs.

2. In relation to the Key Considerations for the Principle, what metrics/data should a CSD compile in order to demonstrate compliance? How might this data be sourced? 2. En relación a las Consideraciones Claves para el Principio, ¿qué métricas datos un DCV debe recopilar para demostrar el cumplimiento? ¿Cómo podría obtenerse esta información (fuentes)? Provide Governance documents, including Mission and Charter, Committee Charters. Show proactive participant engagement (Customer Relationship Management software), documentation, communications and education, as well as survey results re participant satisfaction levels. Demonstrate a disciplined approach to setting the FMI’s goals and objectives,for new initiatives. Set metric goals and in some cases, service level agreements regarding operational accuracy and reliability. Create a mechanism/structure to optimse how to services particpant nees vis as vis the FMI’s capacity Benchmark the company’s processes, including assestments and certifications against international quality standards. Working Group #9 Principle / Principio #21 Efficiency and Effectiveness

3. What “result levels" with respect to these metrics/data should a CSD achieve in obtaining "compliance"? Why? 3. ¿Qué “niveles de resultado” con respecto a estos indicadores / datos debe lograr un DCV para obtener el cumplimiento? ¿Por qué? Aim high, and where there are gaps, set action plans to improve. Goals setting and tracking of results will help to prioritize what “result levels” are acceptable. Benchmark the company’s processes, including assestments and certifications against international quality standards. Working Group #9 Principle / Principio #21 Efficiency and Effectiveness

4. What, if any, provisions should you (as an FMI) be making to ensure continued adherence to the principle (s), for example in times of market or operational distress? 4. ¿Qué provisiones, si existe alguna, debe usted (como una FMI) tener para asegurarse de continuar adherido a los principios? por ejemplo en tiempos de emergencia o funcionamiento del mercado. In a crisis, increase communication to keep participants informed. After a crisis, assess what can be done better next time. Working Group #9 Principle / Principio # 21 Efficiency and Effectiveness

Working Group #22 Principle / Principio #22 Communication procedure and standards 1.What constitutes "compliance" with the Principle? Describe (in specific terms) the state characteristics of a CSD that fully meets the requirements of the Principle. 1. “Qué constituye el “cumplimiento” con el Principio? Describe (en términos específicos) el estado /características de un DCV que responda plenamente los requerimientos del Principio. Identify the relevant procedures and standards for different financial instruments and products and services and look to accommodate market needs. Recognize that cross- border business, incoming and outgoing, will be more efficient if international standards are applied. Assist participants in understanding how international standards may help in their next- generation communications needs, especially for generating cross-border business.

2. In relation to the Key Considerations for the Principle, what metrics/data should a CSD compile in order to demonstrate compliance? How might this data be sourced? 2. En relación a las Consideraciones Claves para el Principio, ¿qué métricas datos un DCV debe recopilar para demostrar el cumplimiento? ¿Cómo podría obtenerse esta información (fuentes)? Maintain a catalog of International standards supported by the FMI along with communications and documentation. Working Group #22 Principle / Principio #22 Communication procedure and standards

3. What “result levels" with respect to these metrics/data should a CSD achieve in obtaining "compliance"? Why? 3. ¿Qué “niveles de resultado” con respecto a estos indicadores / datos debe lograr un DCV para obtener el cumplimiento? ¿Por qué? Expand the catalog as needed and where helpful for harmonizing cross border business. Working Group #22 Principle / Principio #22 Communication procedure and standards

4. What, if any, provisions should you (as an FMI) be making to ensure continued adherence to the principle (s), for example in times of market or operational distress? 4. ¿Qué provisiones, si existe alguna, debe usted (como una FMI) tener para asegurarse de continuar adherido a los principios? por ejemplo en tiempos de emergencia o funcionamiento del mercado. Contingency for this principle must be covered by the Business Continuity arrangements within Operational Risk, Principle 17 Working Group #22 Principle / Principio #22 Communication procedure and standards