"True Ownership: The Custody Risk"

Most people think their stocks are “safe.” <break time="1.0s" /> Your bank goes bankrupt? Your stocks are

supposed to be protected. Sounds good. <break time="1.0s" /> But your stocks don’t sit at your bank.

They sit at a central custodian. In Europe: Clearstream. In the US: the DTCC. <break time="1.0s" /> If they fail…

you’re not first in line. You’re last. <break time="1.0s" /> German law literally says:

They can refuse to give your shares back if the “loss wasn’t their fault.”

Cyberattack. System failure. Over-lending. Boom. Your stocks become

a claim. Not an asset. <break time="1.0s" /> And claims can go to zero if the custodian

collapses. <break time="1.0s" /> You thought you avoided counterparty risk. You didn’t.