Cede technically owns most of the publicly issued stock in the United States.[3] Thus, most investors do not themselves hold direct property rights in stock, but rather have contractual rights that are part of a chain of contractual rights involving Cede.[4] Securities held at Depository Trust Company are registered in its nominee name, Cede & Co., and recorded on its books in the name of the brokerage firm through which they were purchased; on the brokerage firm's books they are assigned to the accounts of their beneficial owners.[5]

Cede owns 83% of all issued stocks in the United States. [6] The other 17% of all issued stocks is owned by directly registered holders through the direct registration system.