Clearing, Settlement and Custody

The prime source of information covering registered securities is the

issuing company or its agent. The global custodian has to rely on the

sub-custodian network to gather this information and pass it on with

a minimum of delay and, where appropriate, translate it into the

relevant language for the client. Secondary sources of information

would be journals like the Financial Times or Wall Street Journal.

However, these secondary sources become primary sources for

bearer securities where the issuing companies are unable to commu-

nicate directly with their shareholders and bondholders.

The quality and source of information about corporate actions is