A central depository is an institution where securities held by financial intermediaries are recorded, either in their own name or on behalf of their clients. The central depository provides services such as the registration of securities at the time of issuance, their centralized custody, and their delivery against cash in financial market transactions. In the West African Economic and Monetary Union (WAEMU) region, the central depository is called Dépositaire Central/Banque de Règlement SA.