Someone named Bill Woodger posted to the Google Groups mirror of this list the 
following link that gives several reasons why COBOL V5 requires PO executables 
and therefore PDSE or Unix directories:

http://www-01.ibm.com/support/docview.wss?uid=swg27041176

>From that link (which is for a white paper on V5 and PDSE's), which Mr. 
>Woodger also quoted in a later reply only in Google Groups and which Don 
>Poitras re-quoted in his reply on this list:

"The need for PDSE datasets and Program Objects are built into the very core of 
COBOL V5.  Just a few examples of features that COBOL V5 uses and will use that 
require Program Objects(PO) and thus PDSE datasets for executables are: 

    Improved init/term scheme relies on user-defined classes in object, 
requiring PO 
    QY-con requires PO 
            (A performance improvement for RXY (long displacement) 
instructions. 
    Condition-sequential RLD support requires PO 
            A performance improvement for bootstrap invocation 
    PO can get page mapped 4K at a time for better performance 
    NOLOAD class DWARF debugging data requires PO 
    Common reentrancy model with C/C++ requires PO 
    XPLINK requires PO and will be used for AMODE 64 "

HTH

Peter

-----Original Message-----
From: IBM Mainframe Discussion List [mailto:IBM-MAIN@LISTSERV.UA.EDU] On Behalf 
Of Robert A. Rosenberg
Sent: Monday, January 25, 2016 2:10 PM
To: IBM-MAIN@LISTSERV.UA.EDU
Subject: Re: COBOL v5

At 15:55 -0700 on 01/23/2016, Lizette Koehler wrote about Re: COBOL v5:

>And, yes, what they said.  IBM requires PDS/E due to Program Objects being
>created by Cobol V5.

This is a Cop-Out answer/reason in my opinion. The real question is 
"What is Cobol V5 creating that needs the Program Object format?". 
IOW: It outputs something that needs a Program Object when bound. 
What is this capability that can not be done in a normal load module?

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