Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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Euroclear was the first international central securities depository (ICSD). ICSDs play a critical role in global securities markets through a number of functions. First, they serve as a depository for the safekeeping of securities. Second, they facilitate secure settlement between buyers and sellers by way of book entries in their respective accounts, obviating the need to physically transfer the certificates. Third, because the ICSD holds a range of securities in a client's security account as well as cash deposits in the client's cash account, where there is a shortfall in cash to settle a purchase, the ICSD is able to provide a loan collateralised against the client's other securities in order to settle the trade, thereby avoiding settlement failure. Finally, ICSDs facilitate the placing and acceptance of securities as collateral between third parties which, among other things, has enabled the growth of the now $1 trillion per day US ‘repo’ssss1 market that is a fundamental source of liquidity in global capital markets.ssss1