Telegraphy the sense of a system that can transmit arbitrary messages over arbitrary distances. Lines of signalling relay stations can send messages to any required distance, but all these systems are limited to one extent or another in the range of messages that they can send. A system like flag semaphore, with an alphabetic code, can certainly send any given message, but the system is designed for short-range communication between two persons. An engine order telegraph, used to send instructions from the bridge of a ship to the engine room, fails to meet both criteria; it has a limited distance and
Indirect holding system Indirect holding system The indirect holding system (also multi-tiered holding system) is a system of securities clearance, settlement and ownership system where ownership information is held electronically as a book entry. It consists of one or more tiers of intermediaries between issuer and investor. It is an evolution from the "direct holding system" in which owners of securities had a direct relationship with the issuer. The system is made up of various tiers, often with an increasing number of entries involved in each of the tiers. The top tier comprises "national" and "international central securities depositories" (CSDs), where large pools