Qu'est-ce que "hold securities" ? Qu'est-ce que la conservation de titres (i.e. le custody) ? Qu'est-ce que les "custody services" ?

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Les rôles :

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https://www.sec.gov/fast-answers/answersholdingsecshtm.html

Physical Certificate — The security is registered in your name on the issuer's books, and you receive an actual, hard copy stock or bond certificate representing your ownership of the security.

"Street Name" Registration — The security is registered in the name of your brokerage firm on the issuer's books, and your brokerage firm holds the security for you in "book-entry" form. "Book-entry" simply means that you do not receive a certificate. Instead, your broker keeps a record in its books that you own that particular security.

"Direct" Registration — The security is registered in your name on the issuer's books, and either the company or its transfer agent holds the security for you in book-entry form. The "Direct Registration System" (also known as "DRS") allows investors to transfer securities held this way. For more information about DRS, please see our Frequently Asked Questions below.

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https://www.statestreet.com/solutions/by-capability/ssgs/invest-service/custody.html

Transaction processing and settlement

With real-time messaging, your cash and securities instructions will flow through us to the appropriate payment system, agent bank, subcustodian or depository.

Safekeeping

Asset safekeeping procedures are enhanced by our deep relationships with subcustodians and agent banks, local depositories and international securities depositories.

Network management and information services

We deliver timely market updates and intelligence supported by our engagement in key industry developments, directly and through trade groups. You receive this information electronically through our global market publications.

Account opening services

Through comprehensive market access processes, we facilitate the opening of cash and securities accounts in investment markets in accordance with local market practice.

Corporate action services

We combine market expertise and corporate action knowledge with extensive vendor, depository and subcustodian sources to provide you with the information and support needed to manage the end-to-end process.

Income collection services

Our contractual income offering gives you or your investment managers more predictable cash flows, so you can invest income immediately.

Tax services

You can access the tax information you need, including regulation monitoring, reclaim processing, exemptions, reductions at source, requests for residency certifications and capital gains tax filings.

Proxy services

Through our partnership with a leading service provider, proxy support is available to you in more than 100 markets.

Real-time reporting

Our client portal, my.statestreet.com, gives you current views of your investment custody transactions, including trade status, asset positions, cash forecasting, intraday cash reporting, and daily and monthly priced holdings.

Cash management services

We offer active and passive investment options to manage your cash, including transaction and call accounts, automated sweep capabilities, repurchase agreements, treasury securities and time deposits.

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https://www.securities-services.societegenerale.com/en/solution-finder/global-custody/

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https://www.davispolk.com/sites/default/files/20160728_tch_white_paper_the_custody_services_of_banks.pdf

Safekeeping and RecordKeeping Services

Custodians are first and foremost responsible for safekeeping the assets in their clients’ securities accounts. While the safekeeping of securities has evolved beyond the safeguarding of paper certificates, custodians continue to carry out safekeeping responsibilities, primarily by: » properly recording the number or principal amount of securities deposited by their clients; » reconciling the securities holdings of clients with the custodian’s accounts with a CSD or an ICSD17 or with a sub-custodian18 to confirm that the correct number of securities is held for the client and can be delivered pursuant to the client’s instructions; and » segregating client securities from the custodian’s own proprietary assets. This process will be further explained in Section I.B.2 below. As part of their safekeeping activities, custodians also provide their clients with reports about their cash and securities holdings and transactional activities, which can be tailored or customized for specific client purposes, including for monitoring the financial performance of securities and other assets.

Asset Servicing

Because securities held by a client with a custodian are, in almost all cases, held by the custodian in a securities account provided by the next entity in the multi-tiered custody chain (CSD, ICSD, or sub-custodian), the client is very often not able to exercise its rights or perform its obligations with respect to the securities without the administrative support of the custodian. As a result, custodians offer asset administration services to their clients, such as income and tax processing, corporate action processing, collateral processing, securities valuation, and reporting services.

Income and tax processing services

Income and tax processing services include collecting income and dividend payments on securities often on a contractual basis on behalf of clients.19 Custodians also assist their clients in processing withholding tax claims, which arise from payments of interest and dividends on securities, in accordance with applicable tax treaties.

Corporate action processing services

Corporate action processing services include notifying clients of forthcoming corporate actions affecting securities held, such as exchange offers, mergers and acquisitions, rights offerings, and regular and extraordinary meetings of the securities holders at which various matters may be put to a vote of the holders. In this connection, custodians offer proxy voting services, which include delivering proxy notifications and agendas to their clients for their review and action. Clients may then send the custodian voting instructions for onward transmission to the issuer or its agent.

Securities valuation services

Securities valuation services include the collection and reporting to clients of securities pricing data produced by third-party sources and related administrative services in support of the valuation of client securities.

Reporting services include providing

Reporting services include providing clients with reports on their account holdings, recent transactions, and material events, including income collections.

Transaction Processing and Settlement

When a client engages in the purchase or sale of a security (using a broker-dealer and market execution mechanisms), a custodian facilitates the delivery or receipt of the security and the related cash consideration at the direction of the client. As noted above, it is the CSDs and ICSDs that hold the immobilized global certificates representing issuances of securities or whose electronic book entries represent issuances of dematerialized or uncertificated securities, and consequently it is the relevant CSD or ICSD that ultimately settles the transaction on its books. The role of a custodian in settling client securities transactions is typically a post-trade role. After the execution of the trade by the client or its investment manager through its broker-dealer and notification of the custodian by the client or investment manager, the custodian will transmit the purchase or sale settlement instructions directly or indirectly (if through a subcustodian) to the relevant CSD or ICSD, which will effect the settlement and credit or debit the custodian’s account (or a sub-custodian’s account) the cash or securities, as applicable. The settlement process is explained in greater detail in Section I.B.2 below.

Banking Services

Banking services provided by custodians relate primarily to the processing of payments and other transactions that result from client investment activities. The acceptance of cash deposits is, of course, in and of itself a banking service. In connection with the provision of custody services, the primary purpose of a client’s cash account is to accommodate the investment activity of clients, including the purchase of assets that will be credited to the client’s securities account and to receive the proceeds of sales of client assets and cash distributions on client assets held under custody. As noted previously, although in some cases custodians have a business model under which they do not offer certain other services, such as retail, commercial and investment banking services, the custodyrelated banking activities provided by such banks are the same as those provided by other banks. Because of timing differences between the processing of securities transactions in a local securities market and a client’s location, the high volume of securities trades a client may execute and simple operational errors, it is not always possible for clients to ensure that their cash account with a custodian has sufficient funds to settle all the purchases of securities that the client has instructed the custodian to process. As a result, absent credit concerns with the given client, a custodian will typically advance any shortfall in funds (i.e., effectively an overdraft) necessary to process the purchases for the short time needed for the client to transmit additional funds to the custodian. These cash advances are extensions of credit and, in the vast majority of cases, are outstanding for less than a day (i.e., intraday credit extensions) or less than two days (i.e., overnight credit extensions). They are provided on a short-term basis and typically secured by a security interest in the equivalent value of assets held in the client’s securities account. This banking service is thus closely linked to a custodian’s provision of safekeeping and securities settlement services. A custodian typically also provides cash management services, such as end-of-day balance reporting and sweep arrangements and short-term investment products, which allow for client cash balances to be reinvested in securities, including interests in money market funds or other investment vehicles. In this regard, the securities in which the client’s cash is invested become part of the securities held in custody for clients for as long as the cash is reinvested

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https://www.oliverwyman.com/content/dam/oliver-wyman/global/en/2015/jun/Securities_Services_2015.pdf