Paragraph 26

An Operator’s rules and practices must require—

(a)

that each system-participant is able to send and receive properly authenticated dematerialised instructions;

(b)

that each system-member has arrangements—

(i)

for properly authenticated dematerialised instructions attributable to him to be sent;

(ii)

for properly authenticated dematerialised instructions to be received by or for him; and

(iii)

with a settlement bank for payments to be made, where appropriate, for units of a security transferred by means of the relevant system; and

(c)

that each participating issuer is able to respond with sufficient speed to Operator-instructions.