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Abstract: Currently, China’s securities regulations define a “central registration, two-layer custody” mode for securities, which is essentially a one-layer custody system. The drawbacks of this system have become increasingly prominent. First, the malposition of settlement entities impairs the implementation of DVP settlement system. Second, the system restricts the market from organizing securities sources effectively to meet the securities lending demands. Third, this one-layer custody system suppresses the securities companies’ innovation in financial products and businesses. Fourth, to a certain extent, it negatively influences the market’s securities settlement efficiency. Fifth, it is disadvantageous for China to connect its securities market with the international market. This paper proposes several recommendations. First, construct a “see-through” two-layer securities custody system. Second, optimize the top-level system design, and improve and perfect the securities custody regulations system. Third, establish the internal management system for the securities companies’ securities custody business. Fourth, strengthen the external supervision on the securities companies’ securities custody business.