Settlement (finance) - Immobilisation and Dematerialisation - Immobilisation


"Economic immobilization" redirects here. For the concept in macroeconomics, see Economic immobility.

Immobilisation entails the use of securities in paper form and the use of a Central Securities Depository or more than one, which is/are electronically linked to a settlement system. Securities (either constituted by paper instruments or represented by paper certificates) are immobilised in the sense that they are held by the depository at all times. In the historic transition from paper-based to electronic practice, immoblisation often serves as a transitional phase prior to dematerialisation.

The Depository Trust Company in New York is the largest immobilizer of securities in the world. Euroclear and Clearstream Banking, Luxembourg are two important examples of international immobilisation systems. Both originally settled eurobonds, but now a wide range of international securities are settled through them including many types of sovereign debt and equity securities.

Read more about this topic:  Settlement (finance), Immobilisation and Dematerialisation

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