CSD (Central Securities Depository)

A CSD maintains the definitive record of securities ownership and processes transfers between participants. DTCC’s DTC is the CSD for US equities; Euroclear and Clearstream serve European markets. The EU CSDR Refit (live) and T+1 mandate (October 2027) are driving CSD modernization toward tokenized infrastructure, where on-chain records can serve as the authoritative ownership layer.