The evolution of central securities depositaries in Europe: stable functions in a changing environment

Dominique Chabert (dominique.chabert@univ-lyon2.fr) and Gisèle Chanel-Reynaud (gisele.reynaud@univ-lyon2.fr)
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Dominique Chabert: GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique
Gisèle Chanel-Reynaud: GATE - Groupe d'analyse et de théorie économique - UL2 - Université Lumière - Lyon 2 - ENS LSH - Ecole Normale Supérieure Lettres et Sciences Humaines - CNRS - Centre National de la Recherche Scientifique

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Abstract: Settlement-delivery (S&D) operations of CSDs or ICSDs are the second last stage of the securities treatment procedure, the last stage being the delivery of securities into the accounts of the final holders by their account managers/custodians. As for national transfers, the organisation is fairly simple since regional depositors are directly connected to the central securities depositary which fulfils two overriding functions on their behalf:- ensuring the final custody of securities and testifying to their authenticity ;- ensuring the circulation of securities within the market through one or several S&D systems.

Keywords: Central Securities Depositaries; Europe (search for similar items in EconPapers)
Date: 2006
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Published in Revue d'économie financière, 2006, 82, pp. 203-220

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