One emerging market specialist recalls how he helped to raise $1 million by way of a capital increase for a Romanian company. “Taking delivery of the allotted securities,” he recalls, “meant standing at the factory gates, holding a bag to put them in, with a couple of heavies for protection, and bringing the securities back on the plane.” In transactions such as these there is a form of custody called broker custody which means that the broker will deposit the securities in a local bank.
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