A cent ral Securities Depository is a central keeper, who transfers the Verwahrung and the transfer of securities in form of effective pieces or of book entries ("“dematerialisierte securities"”). For the Germans and Luxemburger of stock markets for example Clearstream is active as central keepers.
A ICSD is internationally a cent ral Securities Depository, which completes business in international as well as in certain local markets, usually by direct or indirect (over local banks) cross-linking to CSD.
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