Verdipapirsentraler

Verdipapirsentraler, or central securities depositories (CSDs), are financial market infrastructures that hold securities in electronic form, safeguard ownership, and settle transfers between market participants. They act as the central depository for a country’s or a region’s securities, maintaining the registers of issuers and facilitating the safe and efficient post-trade flow from trade to ownership.

Key functions include safekeeping of securities, administration of ownership records, and processing of corporate actions such as dividends, coupons, and voting rights. They also provide settlement services, typically delivering securities to buyers and cash to sellers in a delivery versus payment (DvP) arrangement to minimize settlement risk. In many systems, CSDs also support asset servicing activities, such as interest payments, tax reclaim, and re-registrations.

CSDs operate within robust risk management and regulatory frameworks. Settlements are designed to be final and irrevocable, often settled in central bank money where possible. They are commonly overseen by national financial authorities and central banks and must comply with global standards for critical financial market infrastructures, such as CPMI-IOSCO principles and, where applicable, the EU’s Central Securities Depositories Regulation (CSDR).

Participants typically include banks, broker-dealers, fund managers, custodians, and issuers, with some markets offering broader access. CSDs enable dematerialization of securities, improve market efficiency, reduce operational risk, and support cross-border trading through interoperability and standardized asset servicing.

In Norway, Verdipapirsentralen (VPS) is the national CSD responsible for safekeeping, settlement, and related services for Norwegian securities. More generally, verdipapirsentraler describe national or regional CSDs that perform similar roles in different markets.