"... In PAGE 20: ...27 Management initiatives, procedures, and tools have been developed to mitigate the impact of the risks described above. Table3 presents a range of risk management tools and the associated targeted risk: Table 3. Risk Management Tools for Securities Clearance and Settlement Systems... ..."

"... In PAGE 77: ... Table12 (contd.) Delivery lag Central Securities Depository Cash Settlement Agent Number of transactions (thousands) Value of transactions (USD billions) 9 Ratio of transactions value to GDP (at annual rate) Australia Austraclear (1998) T Austraclear CB+B+O 168 1,131 20 3.... ..."

"... In PAGE 69: ... Table10 a (cont.) Degree of centralisation16 Pricing17 Closing time for same-day transactions18 Number of transactions (thousands) Value of transactions (USD billions)19 Ratio of transactions value to GDP (at annual rate) Australia APCS (1998) DFNO 927,600 2,320 6.... In PAGE 71: ... Table10 b (cont.) Degree of centralisation10 Pricing11 Closing time for same-day transactions12 Number of transactions (thousands) Value of transactions (USD billions) Ratio of transactions value to GDP (at annual rate) Japan FEYCS DV13 13.... ..."

"... In PAGE 68: ... 6 O = Open membership (any bank can apply) or RM = Restricted Membership (subject to criteria). 7 Other (see Table11 , Footnote 7).... ..."

"... In PAGE 17: ... However, as mentioned earlier, it is not uncommon to see systems that combine securities gross settlement with funds net settlement or other type of combinations. Table1 . Number of Settlement Operations and Liquidity Needs by Settlement Type Settlement Type Number of Settlement Operations Value of Settlement Operations Gross k (k-1) = = k j j k i t 1 1 Bilateral Net k (k-1)/2 = = k j ij k i n 1 1 Multilateral Net k = k i i m 1 21 For simplicity purposes, it is assumed that each item in the matrix, tij, represents a single operation, thus, matrix T provides the information about the number of operations (one per item) and the value.... ..."

"... In PAGE 11: ... Likewise, Bank B is obligated to send $1 million to A over CHIPS (the corresponding large-value system for settling dollar legs) at some point during t+2.11 As illustrated in Table1 , we suppose that the yen transaction happens to be executed first. In most cases, both funds transfers occur and the trade is settled.... In PAGE 12: ... Under CLS, final settlement of each side of a transaction is simultaneous and mutually conditional. Under the current arrangement there is an instant where one bank (Bank A in Table1 b) has paid out funds to its counterparty but not received funds in return. At this point, Bank A is a creditor of Bank B and therefore vulnerable to a failure by Bank B.... ..."

"... In PAGE 18: ... That is, transaction t12 cannot be executed. Table2 shows the number and value of transactions affected. In this case, a gross settlement system would be less affected both in terms of number and value of transactions.... ..."

"... In PAGE 8: ....6.2.8 Financing/leasing Table3 indicates the personalization functions applicable in the agreement phase. The automatic compilation of an order is a typical personalization feature.... ..."

"... In PAGE 10: ... Figure 10 shows the observed and simulat- ed ground subsidence at the eight survey points. Similar statistics concerning the relative errors were also calcu- lated and are shown in Table4 . It can be seen that about 46% of the survey points have a simulated settlement error of lt;5%.... ..."