CESR and the European System of Central Banks are consulting on recommendations to increase the safety, soundness and efficiency of securities clearing and settlement systems and central counterparties. Part 1 of the consultation paper contains 19 recommendations, which deal with central securities depositaries (CSDs), and Part 2 contains 15 recommendations regarding central counterparties (CCPs). The recommendations are for use by regulators. CESR and ESCB will hold a public hearing in Paris on 9 December and want comments by 23 January 2009.