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

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.