Transferring Dematerialized Shares in Germany, Austria and in the United States of America

Rosen Petkov Baltov


The present article is aimed at briefly reviewing the historical development of dematerialized shares in Germany, Austria, and in the United States of America (the USA). A brief comparison is made between the dematerialized shares in the United Kingdom and those in Germany and Austria.

Discussed is the reason why the securities certificates in Germany and Austria were removed from the transferring process by taking them out of circulation (immobilization), and not through abolishing them (dematerialization).

Presented is the development of the most active and liquid capital market in the world—that of the United States Department of the Treasury. There is a brief description made of the System of the conventional paper certificates and the system of the dematerialized securities known as direct holding system, as well as of the System for immobilization and possessing through intermediaries, known as indirect holding system.

In conclusion, there is a short presentation of the currently valid legal status unrelated to transferring dematerialized shares in the three countries.

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