Template:Global securities: Difference between revisions

This [[global security]], representing all [[medium term note|note]]s 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 convert it into actual physical notes again. That time would be the [[apocalypse]], so you can expect quite a lot of dust will have collected in the meantime.