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| {{g}}{{global securities}}In these modern, [[Dematerialised|dematerialised]] times, the [[securities]] in a [[clearing system]] — that is, pretty much ''all'' securities — exist only as entries in a ledger maintained by the [[clearing system]]. The individual securities might not be security-printed, physical things any more, but their origins as security-printed physical things lives on in the “[[global security]]”, which ''is'' a printed physical thing on actual paper — usually run off on a word-processor, not [[security-printed]] though — which is signed and given to a [[depositary]] to hold on the [[clearing system]]’s behalf (or on behalf of ''several'' [[clearing system]]s, in which case it is a “[[common depositary]]”). | | {{g}}{{global securities}} |
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| This [[global security]], representing all notes issued under that [[ISIN]], is technically the instrument the [[clearing system]]’s records reflect. On execution of a bond deal, until relatively recent times, a [[trainee]] would be sent along with the executed [[global note]] to deliver it to the [[common depositary]], a fellow with a green visor, sleeve garters and a permanently malevolent view of humankind, kept in the basement of a building on Queen Victoria Street. He would “authenticate” (counter-sign) it — at which point it would become “live” — and put it in an actual vault where it would gather dust awaiting the time at which holders of the securities it represented might need to converted into actual physical notes again. That time would be the [[apocalypse]], so quite a lot of dust has collected in the meantime.
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| But this is a detail whose legal significance, in practice, will never affect any practising lawyer, unless the [[common depositary]]’s vault is hit by a tactical missile or something, and in that case, even [[Legal eagles|practising lawyers]] will have plenty else to be worrying about — like packing rifle, tins of spam etc. into a pickup and heading for the hills — so, if they know what is good for them, won’t be consulting the internet at that point to figure out what to do.
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