Central securities depository
A central securities depository ("CSD") is a
financial institutionthat custodies securitiesand provides securities settlement services to one or more markets.
A CSD enables
transactionsto be processed by book entry. Securities may exist either either as physical certificates (but immobilised within the CSD), or in dematerialised form (i.e., only as electronic records).
CSDs may also be capable of trade clearance and settlement/post-settlement processing of securities and information.
The three largest central securities depositories in the world are
The Depository Trust Company, Euroclear, and Clearstream.
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