Abstract
A tokenized note on the programmable Central Securities Depository: how settlement, custody, and corporate-actions infrastructure changes when the depository layer itself becomes programmable — and what that implies for market structure, finality, and governance.
Executive summary
The Central Securities Depository is one of the most consequential — and least visible — pieces of market infrastructure. This short tokenized note asks what changes when the CSD itself becomes programmable: when settlement, custody, and corporate actions are expressed as code rather than reconciled across systems.
The note sketches the implications for finality, market structure, and governance, and where a programmable depository fits in the broader settlement substrate. The full note follows below.