This article deals with the custodianship of securities in civil code states in the EU – all of them except Ireland and Cyprus. Common law jurisdictions all recognise universal trusts over all assets present and future but most civil code states do not. Instead they either have limited special trusts and, if not, various other devices. The question is whether these are adequate to safeguard client assets against the creditors of the custodian. This article will be followed later by one or more articles by lawyers in selected EU jurisdictions specifically discussing their solutions to the problem.