Clearing and settlement of debt securities

This overview is a guide to the Banking & Finance content within the Clearing and settlement of debt securities subtopic, with links to relevant materials.

Introduction to operational framework for debt securities

The market for debt securities (such as bonds or notes) depends on an extensive framework of systems, processes and services, including:

•
trading of debt securities, which helps create or maintain liquidity or allows investors to have access to liquidity
•
settlement, including depositing, holding and book-entry registrations of debt securities, and
•
custody and safekeeping of debt securities on behalf of investors

For more information, see Practice Note: UK Debt securities—trading, settlement and custody.

Settlement of debt securities

Central securities depositories (CSDs) are the entities with which debt securities are 'deposited' upon issue—literally, in the case of debt securities represented by paper documents (such as global notes), and figuratively in the case of dematerialised securities which exist only as electronic book-entries.

CSDs credit

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