Local custodians and CSD/ICSDs therefore provide services which compete with one another, albeit that their respective services are not perfect substitutes because holding a security at a local custodian may confer different legal rights to holding a security at its central register.
Local custodians and CSD/ICSDs therefore provide services which compete with one another, albeit that their respective services are not perfect substitutes because holding a security at a local custodian may confer different legal rights to holding a security at its central register.