(2)Central securities depositories (‘CSDs’) are instrumental to financial markets. The recording of securities in a book-entry system (‘notary services’) and the maintenance of securities accounts at the top tier level (‘central maintenance services’) increase transparency and protect investors, as they ensure the integrity of the securities issue by preventing the undue creation or reduction of issued securities. CSDs also operate securities settlement systems, which ensure that securities transactions are settled properly and in a timely manner. Those functions are critical in the post-trade clearing and settlement processes. Securities settlement systems are essential also to monetary policy as they are closely involved in securing collateral for monetary policy operations.