The next tier consists of a limited number of financial institutions , brokers , depositories and other professional investors who have direct contractual relationships with the CSDs .
Who hold investors ' interests in securities in book - entry accounts with a CSDs .
The next tier consists of a limited number of financial institutions , brokers , depositories and other professional investors who have direct contractual relationships with the CSDs and who hold their interests in securities in book - entry accounts with a CSD .