# kaal:claim:3936876-008

**Claim.** The inefficiencies of paperwork based custodial requirements are what produced the first central securities depository, which substituted electronic book entry records for the physical exchange of certificates.

**Type.** mechanism  **Support.** argued

**Holds when.**

- United States securities markets after the 1960s paperwork crisis

**Source quote.**

> The inefficiencies in custodial requirements for paperwork led to the introduction of the first central securities depository (CSD).

**From.** Wulf A. Kaal, Hayley Howe, *Custody of Digital Assets* (2021), II.1 Custody Requirements for Traditional Assets, page 8

**Cite as.** Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

**Verify.** sha256 of source PDF `9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Howe%20-%202021%20-%20Custody%20of%20Digital%20Assets.pdf

**Topics.** securities-law, defi

**Keywords.** central-securities-depository, book-entry, custody-history, dematerialization

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.