By 1990, all comparisons of trades between direct market participants (brokers/dealers) should be accomplished by trade date plus one day (T + 1).

2. Trade Confirmation/Affirmation

By 1992, indirect market participants (institutional investors) should be members of a trade comparison system that achieves positive affirmation of trade details.

3. Central Securities Depository

By 1992, a central securities depository should be in place, and the broadest possible industry participation should be encouraged.

4. Trade Netting

By 1992, the potential benefits of a trade netting system should be studied and, if appropriate, implemented.

5. Delivery Versus Payment (DVP)

By 1992, DVP should be employed as the method for settling all securities transactions.

6. Same-Day Funds

Payments associated with securities transactions should be made in same-day funds.

7. T + 3 Settlement

By 1992, final settlement should occur on T + 3.

8. Securities Lending

Securities lending and borrowing should be encouraged as a method of expediting the settlement of securities transactions.

9. Common Message Standard

By 1992, the standard for securities messages and the ISIN numbering system developed by the international Organisation for Standardisation should be adopted.