introduction more information is available background and history of this project

Since most transactions occur between CDS participants, settlement of the security-transfer obligations can be done 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 fo. [...] advantages of the security entitlement concept The advantages of the security entitlement concept derive from the simple fact that it is a more rational description of the unique property interest that is central to the indirect holding system. [...] In the absence of a specific agreement, the rules provide that it is located where the securities account is served, which will ordinarily be the same place where the entitlement holder deals with the securities intermediary. [...] A hundred years ago, the specialized property transfer rules of the dominant market of the day (chattels) were codified in the Sale of Goods Act, while the payment system rules were codified separately in the Bills of Exchange Act. [...] Since most transactions occur between CDS participants, settlement of the security-transfer obligations can be done 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 certificates.