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.