An increasing number of negotiable instruments are paperless and are transferred by way of an entry into an account.

In another vein, we do not see a need to deal specifically with transfers of negotiable instruments by entry in the books of a depository.

Watts, Oppenheim's International Law, 9th ed., vol. I - Peace (Parts 2 to 4), 1996, pp. 898-899 (referring to, inter alia, the Treaty establishing the EEC, 1957; the Protocol concluded on 22 May 1954 between Denmark, Finland, Norway and Sweden (UNTS, 199, p. 29) (Iceland acceded in 1955); the Convention between Denmark, Finland, Norway and Sweden concerning the Waiver of Passport Control at the Intra-Nordic Frontier, 1957 (UNTS, 322, p. 245) (Iceland became a party effective from 1966), as modified by a further agreement in 1979: RG, 84 (1980), p. 376; and the Convention between Belgium, the Netherlands and Luxembourg, Concerning the Transfer of Entry and Exit Controls to the External Frontiers of the Benelux Territory, 1960 (UNTS, 374, p. 3)).

Ownership rights and the transfer and pledging of book-entry securities are then explained in terms of “possession” and “delivery” through the mechanisms of immobilization or global certificates, in which physical securities are deemed to be deposited and kept in fungible (interchangeable) form.