RobinB Dec 14, 2023:

Coming rather late to the show, but... isn't this simply something like "deregistration" and "registration" ("deregistered" and "registered")?

Susan Starling Dec 13, 2023:

Hi Michael When I first read your context what came to mind was something with credit/debit entries, which Bjorn's information would seem to support. Would something like "Credited"/"Debited" work with your diagram?

Björn Vrooman Dec 11, 2023:

... As an example, see this statement by a Delaware-based company:
"Except for certificated Bonds or bonds held with a Depositary, the Bond Registrar shall maintain a book-entry registration and transfer system through the establishment and maintenance of the Bond Register for the benefit of Bondholders as the sole method of recording the ownership and transfer of ownership interests in such Bonds...the Bond Registrar shall establish an account for such Bond by recording a credit to its book-entry registration and transfer system to the account of the related Bondholder for the principal amount of such Bond owned by such Bondholder...The Bond Registrar shall make appropriate credit and debit entries within each account to record all of the applicable actions under this Indenture that relate to the ownership of the related Bonds..."
https://www.sec.gov/Archives/edgar/data/1805586/000119312520...

Cf. https://www.federalregister.gov/documents/2009/04/29/E9-9630...

Removal seems OK to me. In IT, you'd be talking about posting to or removing something from an account. Not sure here ofc.

Best wishes

Björn Vrooman Dec 11, 2023:

Hello Michael I've removed the links because you're right, this isn't the same context.

Not sure of how much help I can be here, but I think you're on the right track:
"A central securities depository (CSD) is an institution that holds financial instruments, including equities, bonds, money market instruments and mutual funds.

It allows ownership of those instruments to be transferred in electronic form through updating electronic records which are often known as ‘book-entry records’."
https://www.fca.org.uk/markets/central-securities-depositori...

[...]

Michael Bailey (asker) Dec 11, 2023:

in this context: removal/retirement? From the diagram, it gives the impression that the CSD removes/cancels/retires an issuance and transfers the previous owners to the new issuance using the 10,000:4,503 ratio.

Michael Bailey (asker) Dec 11, 2023:

@Björn Yes I did check the glossary, but "derecognition" seems to be for the accounting treatment rather than the action taken by the CSD.

Michael Bailey (asker) Dec 11, 2023:

Extinguishment I suspect extinguishment might be the translation of Löschung - and seems too literal...