Recent case law has confirmed that, under English law, investors in indirectly held securities are not holders of the underlying shares or bonds, and accordingly cannot enforce the rights of shareholders or bondholders against the issuer. This disenfranchisement of investors is a problem that has attracted an active debate amongst distinguished commentators.1 Both legal and operational solutions are being sought and offered. This discussion turns to another dimension of the problem, namely the commercial pressures that tend to separate investors from their entitlements.