Central securities depository

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A central securities depository ("CSD") is a financial institution that custodies securities and provides securities settlement services to one or more markets.

A CSD enables transactions to 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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