Updated 17 October 2016

The Committee on Payments and Market Infrastructures (CPMI) provides this glossary of payments and market infrastructure terminology as a reference to the standard terms and definitions used in connection with payment, clearing, settlement and related arrangements. Current definitions are now shown alongside the previous ones. You can generate a PDF version of the glossary here.

direct holding system

An arrangement for registering ownership of securities (or similar interests) whereby each and every final investor in the security is registered with a single entity (for example, the issuer itself, a CSD or a registry). In some countries, the use of a direct holding system is required by law.

Updated: 16 Jun 2015

Source documents


 Additional terms that are not included in the main glossary can be found in the previous version of the glossary.