A Central Securities Depository (CSD) is an organization holding securities either in certificated or uncertificated (dematerialized) form, to enable book entry transfer of securities. In some cases these organizations also carry out centralized comparison, and transaction processing such as clearing and settlement of securities. The physical securities may be immobilised by the depository, or securities may be dematerialised (so that they exist only as electronic records).
International Central Securities Depository (ICSD) is a central securities depository that settles trades in international securities and in various domestic securities, usually through direct or indirect (through local agents) links to local CSDs. Clearstream (earlier Cedel), Euroclear and SIX SIS are considered ICSDs. While some view The Depository Trust Company (DTC) as a national CSD rather than an ICSD, in fact DTC -- the largest depository in the world -- holds over $2 trillion in non-US securities and in American depositary receipts from over 100 nations.
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