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Several international initiatives completed in the past few years have the goal of maintaining financial stability by strengthening the financial infrastructure. The International Organization of Securities Commissions (IOSCO) has developed the Objectives and Principles of Securities Regulation (IOSCO, 1998) and the Committee on Payment and Settlement Systems (CPSS) of the central banks of the Group of Ten countries has produced the Core Principles for Systemically Important Payment Systems (BIS, 2001). Building on the previous work, the CPSS and the Technical Committee of IOSCO aim to contribute further to this process by jointly issuing these Recommendations for Securities Settlement Systems.