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GLOSSARY

Direct Participants definition

What does Direct Participants mean?

Direct participants include securities brokers and dealers, banks, trust companies, clearing corporations and other organisations, who have direct accounts with each such clearing system. These are typically major international financial institutions; occasionally a major corporate may be a Direct Participant.

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Identifying bondholders and effective communication

Companies, governments and municipalities issue bonds to finance their operations and fund projects. The bond market offers a very efficient way to borrow capital. Although many companies are legally entitled to borrow from a bank, the process is often costly and time consuming. Issuing bonds is generally viewed as easier, less restrictive and a cheaper way than borrowing money directly from a bank. For more information, see Practice Notes: Key features of the debt capital markets and Bonds and notes.For information on the key documentation and parties to an issue of debt securities, see Practice Notes: Issuing debt securities—key documentation and Parties in an issue of debt securities.Why keep in touch with bondholders?In the past, not a lot of interest was shown by issuers in communicating with their bondholders unless there was an absolute need, and even then the communication simply consisted of a notice sent through the trustee and would eventually not necessarily reach all the beneficial owners.The trustee is a financial institution with trust powers, such as a...

Identifying bondholders and effective communication

Identifying bondholders and effective communication Companies, governments and municipalities issue bonds to finance their operations and fund projects. The bond market offers a very efficient way to borrow capital. Although many companies are legally entitled to borrow from a bank, the process is often costly and time consuming. Issuing bonds is generally viewed as easier, less restrictive and a cheaper way than borrowing money directly from a bank. For more information, see Practice Notes: Key features of the debt capital markets and Bonds and notes. For information on the key documentation and parties to an issue of debt securities, see Practice Notes: Issuing debt securities—key documentation and Parties in an issue of debt securities. Why keep in touch with bondholders? In the past, not a lot of interest was shown by issuers in communicating with their bondholders unless there was an absolute need, and even then the communication simply consisted of a notice sent through the trustee and would eventually not necessarily reach all the beneficial owners....

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