These brokers, banks and trust companies are typically participants in a securities depository, such as the Canadian Depository for Securities ("CDS'). CDS receives securities from its participants and holds them in fungible bulks. CDS registers these securities in the name of a CDS nominee, and maintains accounts showing the entitlements of each participant. Since most transactions occur between CDS participants, these transactions can be settled merely by book entries in the records of CDS, debiting the account of the seller and crediting the account of the purchaser, without any need for movement of .
