Adam Wolk, left, and Barbara Goodstein, right, of Mayer Brown. Courtesy photosSecurities and Securities Intermediaries: How Secure are Intermediated Holdings?
The authors write "As a result of increased trading volume dating back to the 1960’s, when paperwork backlogs temporarily derailed Wall Street, as well as the growth in technology, the securities trading industry has come to rely heavily on a system of indirect ownership of securities. Most investors now hold their securities through bank or brokerage accounts, and those banks or brokers will likely, in turn, hold those securities through a central securities depository, such as The Depository Trust Company (DTC)"
December 04, 2024 at 11:23 AM
12 minute read
As a result of increased trading volume dating back to the 1960s, when paperwork backlogs temporarily derailed Wall Street, as well as the growth in technology, the securities trading industry has come to rely heavily on a system of indirect ownership of securities. Most investors now hold their securities through bank or brokerage accounts, and those banks or brokers will likely, in turn, hold those securities through a central securities depository, such as The Depository Trust Company (DTC). While the intermediated holding system has resolved many problems associated with the growth in trading volume, there have been some recent thoughts and developments regarding this system that require careful consideration.
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