View source for Securities settlement system

(SSS). 

A system which permits the transfer of securities: either  free of payment, such as  free delivery (for example in the case of pledge), or against payment.  

Settlement of securities occurs on securities deposit accounts held with a Central Securities Depository (private CSDs or a central bank acting as a CSD) or with a central bank (safe custody operational accounts).  

In the latter case, the central bank acts as the intermediate custodian of the securities.  The final custodian is normally a CSD.  

Settlement of cash occurs in an interbank funds transfer system (IFTS), through a settlement agent.


== See also ==
* [[Central securities depository]]
* [[Custodian]]
* [[Interbank Funds Transfer System]]