This overview is a guide to the Banking & Finance content within the Clearing and settlement of debt securities subtopic, with links to relevant materials.
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 Notes: UK Debt securities—trading, settlement and custody and Custody in the debt capital markets.
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
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