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Part VI International Markets and Exchanges, 18 Global Custody

Madeleine Yates

From: Financial Markets and Exchanges Law (2nd Edition)

Edited By: Michael Blair, George Walker, Stuart Willey

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 25 September 2023

Global custody — Central Securities Depository (CSD) — Bonds — Swaps — UK Financial Services Authority (FSA)
18.01 In the context of the financial markets, the service of custody1 is generally understood to mean an arrangement in which one entity (the custodian) agrees to hold on behalf of another (the custody client) securities2 that belong to the custody client. 18.02 The intention is that the custody client remains the owner of the securities, so that the securities remain on the custody client’s balance sheet and, in the event of the insolvency of the custodian, the securities are not available to creditors of the custodian because the securities do not belong to the...
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