A depositary (noun) is a party that receives a deposit (money, financial assets, etc.) in trust. As an adjective, a depositary receipt, for example, is a receipt issued by such a party as an acknowledgement of receiving the deposit.
A depository (noun) is a place where something (usually physical assets, but may also include financial assets, etc.) is deposited for the multiple purposes including preservation, storage, or safekeeping. As an adjective, a depository bank (also depositary bank) is a specialist financial institution which facilitates for other market participants the investment in securities markets.
Broadly speaking, a depository is a facility such as a building, office, or warehouse where something is deposited for storage or safekeeping.
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