Computerisation facilitates instantaneous and direct links between all of us in our work and
social lives. At the same time, and counter-intuitively so, securities are increasingly held
indirectly through chains of custodians that operate between issuers and investors. This
disconnects investors from issuers and can significantly reduce the value of assets. The
regulatory framework does not prevent this effect. UK-regulated holders of client securities
should be required to hold these directly in the name of the investor. At an international …