{
  "title": "How to Organize Central Securities Depositories in Developing Markets: Key Considerations",
  "publication": "IMF How To Notes, February 4, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573",
  "canonical": "https://www.imf.org/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573",
  "overlayPath": "/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/index.md",
  "summary": "The key objective of this note is to support authorities in their decision making about the optimal organization of central securities depositories (CSDs) in their country.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Key objective: support authorities in decision making about the optimal organization of central securities depositories (CSDs) in their country.\n- Definition used: a CSD is an entity that provides securities accounts, a securities settlement system, and central safekeeping services to market participants, which can be banks and other financial institutions.\n- Two central questions for authorities in developing markets, in particular central banks:\n  - Whether to pursue a single CSD to increase market efficiencies and benefit from economies of scale and scope.\n  - Whether to partake in the governance of the CSD as owner or operator.\n- The note presents seven considerations for authorities to take into account when answering these questions and determining the best model for their country."
    },
    {
      "heading": "Major considerations for organizing CSDs (as framed by the note)",
      "content": "- Trade-offs between a single CSD and multiple CSDs:\n  - Single CSD: potential to increase market efficiencies and benefit from economies of scale and scope.\n  - Multiple CSDs: implicit trade-offs not detailed on the landing page but framed as alternatives authorities must weigh.\n- Governance and ownership choices:\n  - Whether authorities should partake in governance as owner or operator is a central decision point.\n- Operational scope and services:\n  - A CSD’s core services include securities accounts, securities settlement systems, and central safekeeping."
    },
    {
      "heading": "Target audience and purpose",
      "content": "- Intended readers: authorities in developing markets, in particular central banks and other public sector bodies involved in market infrastructure decisions.\n- Purpose: provide guidance and structured considerations to determine the best organizational model for a country’s CSD(s).\n\n---\n\n Content in this bundle\n\n- Howtonote1901\n  - Howtonote1901 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Howtonote1901 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/index.md)",
    "[Structured JSON version](/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/index.json)",
    "[Bundle manifest](/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/bundle-manifest.json)",
    "Authors: Froukelien Wendt, Peter Katz, Alice Zanza",
    "Published: February 4, 2019",
    "Series: IMF How To Notes",
    "DOI: https://doi.org/10.5089/9781484397312.061",
    "Key objective: support authorities in decision making about the optimal organization of central securities depositories (CSDs) in their country.",
    "Definition used: a CSD is an entity that provides securities accounts, a securities settlement system, and central safekeeping services to market participants, which can be banks and other financial institutions.",
    "Two central questions for authorities in developing markets, in particular central banks:",
    "The note presents seven considerations for authorities to take into account when answering these questions and determining the best model for their country.",
    "Trade-offs between a single CSD and multiple CSDs:",
    "Governance and ownership choices:",
    "Operational scope and services:",
    "Intended readers: authorities in developing markets, in particular central banks and other public sector bodies involved in market infrastructure decisions.",
    "Purpose: provide guidance and structured considerations to determine the best organizational model for a country’s CSD(s).",
    "**Howtonote1901**"
  ],
  "related": [
    {
      "title": "Howtonote1901",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/howtonotes/howtonote1901.pdf",
      "summary": {
        "path": "/-/media/files/publications/howtonotes/howtonote1901.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/howtonotes/howtonote1901.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/index.md",
    "json": "/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/index.json",
    "bundleManifest": "/en/publications/fiscal-affairs-department-how-to-notes/issues/2019/02/04/how-to-organize-central-securities-depositories-in-developing-markets-key-considerations-46573/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-21T16:48:40.561Z"
}