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Introduction	A securities transaction usually starts with a trade being made via an exchange, on an electronic order book, a multilateral trading facility (MTF), or in the OTC (over the counter) markets. Clearing is performed via a central counterparty (CCP) which guarantees both sides of a trade thereby removing counterparty risk (the CCP is a buyer to every seller and a seller to every buyer, a process referred to as novation). Novation facilitates the netting process. Orders may or may not result in multiple trades. A CCP nets all the gross trades in a given instrument to generate a single net settlement instruction (netting greatly reduces the price sensitivity of traders to the settlement process). CCPs protect themselves against default risk through the application of margins. Settlement (finality of the change of ownership process) occurs at a central securities depository (CSD) through the DvP or Delivery versus Payment process. The CSD also provides custody and associated services. Custody consists of the physical and electronic safekeeping of securities, providing corporate events services, and paying dividends and coupons.