The [[Stock]] ledger is maintained by the [[Transfer Agent]]. It is the official record of a company's shareholders, the number of shares they own, and a history of all equity transactions.
[[ComposerX]]
![[Untitled 4 75.jpg]] https://www.dtcc.com/news/2025/february/04/dtcc-announces-composerx
If you want to get a visual of the chain, you have to understand there is not a single ledger. the transfer agent sits at the top, who maintains the records for the issuer, showing individual [[Investor]]s(DRS) and Cede & Co. Then the DTCC has a ledger listing participants who have claim to a certain number of shares who also maintain their own ledger listing which brokers who have claim to a certain number of shares who maintain their own ledger showing which [[Investor]]s are holding a certain number of shares. at each level, the ledger above has no visibility of the ledger below.