Custody and International Settlement Systems

Custody and international settlement systems describe how securities are held, safeguarded, serviced, and settled across local and cross-border markets. This branch focuses on custodians, custodian banks, Euroclear, Clearstream, CREST, and related custody infrastructure.

Use these pages when a question depends on who holds the securities, where settlement occurs, how income or corporate actions are handled, or which international settlement system is named in the record.

What This Branch Covers

Decision Lens

Start with the custody statement, settlement instruction, or account agreement. The key question is usually whether the institution is safekeeping assets, settling securities, servicing positions, or acting as part of a cross-border settlement chain.

Evaluation Checklist

• Identify the custodian, sub-custodian, depository, and settlement system where relevant.
• Separate custody from beneficial ownership, registered ownership, and trade execution.
• Check country, instrument type, settlement currency, and corporate-action responsibilities.
• Review account agreements and official system rules for current operational obligations.
• Treat custody, tax withholding, and legal title questions as professional-advice areas.

Common Mistakes

• Treating a custodian as the same as a broker or transfer agent.
• Ignoring sub-custody and cross-border settlement chains.
• Assuming every custody account gives the same legal or voting rights.
• Comparing Euroclear, Clearstream, CREST, and local CSDs without checking market scope.

In this section

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