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* 1. Your details

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* 2. Are you ...

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* 3. Where is your European business largely focused at present?

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* 4. What do you consider to be your service strength(s)?

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* 5. What are the biggest pressures on your business ? (choose more than one)

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* 6. Do you agree / disagree with the following statements about the industry-wide impact of clearing and settlement reforms:

  agree disagree don't know
Overall European settlement costs will reduce
CSDs will replace global custodians for some European settlement services
Greater post-trade interoperability and transparency is driven by user demand
Post-trade services providers will further consolidate
Post-trade interoperability will improve flow and collateral between counterparts

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* 7. What forthcoming reforms / trends will impact your activity in the next 18 months (with specific reference to market coverage, settlement and efficiency and post-trade costs)?

Please provide your comments below:

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* 8. To adapt to the upcoming changes, in which areas are you considering internal restructuring? (choose more than one)

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* 9. Which parts of the trade life-cycle lend themselves to outsourcing? (choose more than one)

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* 10. What constraints do you see in the use of outsourced solutions? (choose more than one)

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* 11. Do you plan to consider outsourcing one or more elements of your business within the next ...?

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* 12. Would you be prepared to participate in a qualitative study to explore the issues raised above?

T