The direct holding system is a traditional system of securities clearance, settlement and ownership in which owners of securities had a direct relationship with the issuer. Investors would either be recorded on the issuer's register or be in physical possession of bearer securities certificates.
Read more about Direct Holding System: Disadvantages, Indirect Holding System, New Direct Holding System
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—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
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