March 2011
Beginner
192 pages
4h 30m
English
Content preview from Global Securities Markets: Navigating the World's Exchanges and OTC Markets
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CENTRAL SECURITIES DEPOSITORY
A CSD is a utility that holds securities. In many cases, the CSD holds these securities in trust for another, usually a member which is a bank or broker (which in turn holds in trust for its client).3 Brokers and banks use the CSD as a central place to house transferable certificates that they trade with each other. Securities held with a CSD are not claimable by creditors of the CSD in the event of the insolvency of the CSD, so the certificates are safe there. Typically, a CSD member is a bank or brokerage firm. If it is a bank or broker based in a common law jurisdiction, trust law and its protection from creditors will apply.4 If the bank or broker is located in a civil law jurisdiction or other legal regime, care must be taken to examine the creditworthiness of the custodian and the legal status of securities custodied at the CSD through the bank or broker in the event of the bank's or broker's insolvency. Selection of a creditworthy custodian in foreign markets is therefore of paramount concern to the cross-border investor.
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