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65-540: The Trade Information Warehouse is a service offering of the Depository Trust & Clearing Corporation's Deriv/SERV , and is described by DTCC as "a centralized and secure global infrastructure for processing over-the-counter (OTC) derivatives over their life cycle". [1] It is purported to be the security industry's only repository and centralized post-trade infrastructure for servicing OTC credit derivative contracts throughout their multi-year lifecycles, and

130-532: A "receptacle for storing and preserving papers" on November 2, 1886. This was a fire and accident safe container made of forged metal, which could be sealed with a lock. It was special in that it kept the papers separated. The invention of the vertical file remains an unsolved mystery. The Vertical Filing Cabinet section in the Early Office Museum website begins with a discussion of the erroneous conclusions by highly credentialed “secondary sources", concerning

195-547: A European subsidiary of DTCC from 2008 to 2020. It provides equities clearing services on a pan-European basis. Headquartered in London , EuroCCP is a UK-incorporated Recognised Clearing House regulated by the UK's Financial Services Authority (FSA). In December 2019, EuroCCP announced it would be purchased by Cboe Global Markets . EuroCCP began operations in August 2008, initially clearing for

260-567: A company named the Library Bureau (founded in 1876, later a division of Remington Rand ) published a catalog that included a vertical filing cabinet. A US patent was filed in 1902 by the Library Bureau that credited David E. Hunter as the inventor. Research by Ester Ellen-Poe validated The Early Office Museum's findings, and suggests that the most credible claim to the invention of vertical filing, as we know it today, appears to have been by

325-430: A day just three years earlier, which at the time had been considered overwhelming), the paperwork burden became enormous. Stock certificates were left for weeks piled haphazardly on any level surface, including filing cabinets and tables. Stocks were mailed to wrong addresses, or not mailed at all. Overtime and night work became mandatory. Back office worker turnover was 60% a year. To help brokerage firms catch up on

390-407: A drawer slide to facilitate opening the drawer which includes an "outstop" to prevent the drawer from being pulled completely out of the cabinet. To open a drawer on most metal filing cabinets, a small sliding mechanism known as a "thumblatch" must be pressed to release and open the drawer. Each drawer has a handle to grip and pull the drawer with. On the front face of each drawer, there is usually

455-801: A given floor area, include Rotary Storage systems. Within the United States, the primary standard for vertical filing cabinets is the Business and Institutional Furniture Manufacturer's Association (BIFMA) Standard X5.3. BIFMA used to maintain a separate Standard X5.2 for lateral filing cabinets, but that standard has been withdrawn. The standards provide requirements for cabinet stability, durability, and strength, among others. The General Services Administration (GSA) also maintains standards for vertical and lateral steel filing cabinets, A-A-3186 and A-A-3187 respectively. The GSA standards define two grades of filing cabinets, medium- and heavy-duty. They reference

520-657: A joint venture between DTCC and Thomson Reuters combining various trade services previously provided by each of these organizations. In November 2013 DTCC bought back Thomson Reuters' interest in the firm, so it is now wholly owned by DTCC. The board was composed of 21 members as of 2019. Two board members are selected by "preferred shareholders" ICE and FINRA , while 14 are from international clearing agencies. 40°42′12″N 74°00′33″W  /  40.7032°N 74.0091°W  / 40.7032; -74.0091 Filing cabinet Office filing cabinets are typically made of sheet metal or wood. The drawers usually use

585-399: A label holder to allow the user to identify the contents of the drawer. Many file cabinets incorporate a keyed lock to prevent unauthorized access to the documents being stored. There are two types of locks. A "cam lock" is activated with a key that rotates the lock. A "plunger lock" is opened with a key but can be closed by merely depressing the body of the lock. The plunger lock allows

650-431: A user to quickly close and lock several cabinets in a short amount of time. Some file cabinets have a metal plate or wire structure at the back of each drawer which is known as a follower block. The follower block can be adjusted forward to reduce the length of the drawer so that the file folders contained within remain upright and at the front of the drawer for easier access. Henry Brown, an American inventor, patented

715-608: Is DTCC's subsidiary, formerly named Global Asset Solutions, delivering information-based and business processing solutions relative to securities and securities transactions to financial intermediaries globally, such as Global Corporation Action Validation Service (GCA VS) and Managed Accounts Service. GCA VS provides a centralized source of information about corporate actions , including tender offers , conversions , stock splits , and nearly 100 other types of events for equities and fixed-income instruments traded in Europe, Asia Pacific, and

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780-651: Is a cabinet designed to accommodate folders with tabs on the side rather than on the top. The cabinet has no drawers, only shelves. Some shelf files come with doors that recede into the cabinet. These cabinets are typically 12 inches (300 mm) or 18 inches (460 mm) deep, for letter or legal size folders respectively. Like lateral files, they are made in 30 inches (760 mm), 36 inches (910 mm), 42 inches (1,100 mm), and 45 inches (1,100 mm) widths but are usually only installed in 5-high and 6-high applications. Side tabbed files often use color codes that represent an alpha-numeric filing system. This methodology

845-410: Is a central information management and processing hub for broker-dealers, investment managers, and custodian banks. It provides post-trade, pre-settlement institutional trade management solutions for the securities clearance and settlement industry, processes over one million trades per day, and serves 6,000 investment managers, broker/dealers, and custodians in 42 countries. Omgeo was formed in 2001 as

910-648: Is a device that adjusts the apparent depth of the drawer interior so that files are kept upright in the drawer. These are the legacy of a time when most filing was done with manila folders rather than hanging files. For home offices or lighter use applications, vertical files are manufactured in 18-inch-deep (460 mm) versions. These typically have two-member suspensions and the drawers do not fully extend. Lateral files are typically 20 inches (510 mm) deep and manufactured in 30,-36,-and-42-inch (760, 910, and 1,070 mm) widths and 2-, 3-, 4-, and 5-drawer versions. The 30-inch-wide (760 mm), two-drawer version

975-565: Is a way to ensure files which are frequently retrieved and returned are easy to find and do not get lost. Finding a file is easy as to color-coded tabs easily lead the human eye to the appropriate location in the filing system. Similarly, a misfiled folder is obvious as an out-of-sequence color code is obvious to the user. Businesses such as doctors, dentists, veterinarians, police, and government agencies use shelf files and end-tabbed folders to manage large filing systems. Variations on traditional shelf files, designed to offer increased capacity for

1040-519: Is expected to be involved in the newly created public clearing facility of credit default swaps in conjunction with CCorp . [2] This economics -related article is a stub . You can help Misplaced Pages by expanding it . Depository Trust %26 Clearing Corporation The Depository Trust & Clearing Corporation ( DTCC ) is an American financial market infrastructure company that provides clearing , settlement and trade reporting services to financial market participants. It performs

1105-402: Is popular for use inside cubicle workstations, as it is engineered to fit under or alongside the cubicle work surfaces. Logic for the use of 3-, 4-, and 5-drawer files is similar to that of vertical files. Unlike vertical files, most lateral files allow for side-to-side or front-to-back filing. For letter-size files arranged front-to-back, the 30-and-42-inch-wide (760 and 1,070 mm) files are

1170-470: Is still a viable practice. In the US, these come in two sizes: for letter-size paper and legal-size paper . Most modern commercially oriented vertical filing cabinets in the US are manufactured in two-, three-, four-, and five-drawer versions in depths of 25,  26 + 1 ⁄ 2 , and 28 inches (640, 670, and 710 mm). The drawers are typically supported on a three-member suspension system that allows

1235-403: Is the expansion of government regulations that require businesses to create and keep forms and other documents. Some prognosticators have suggested the future of the filing cabinet is in doubt as electronic filing systems proliferate and become lower in cost. Nevertheless, most businesses are still purchasing computer systems with printing capabilities. Unless this trend is reversed, filing of paper

1300-705: The Trade Information Warehouse (TIW), an infrastructure that records all Credit derivatives transactions, such as Credit default swaps . This proved specifically useful in September 2008 by helping authorities and market participants understand exposures to failing or fragile counterparties such as Lehman Brothers or AIG . Partly based on that experience, the G20 in 2009 decided to mandate derivatives trade reporting across all derivatives asset classes (interest rates, currencies, equity, credit, and commodities), with

1365-521: The 2022 Russian invasion of Ukraine , on March 3, 2022, DTCC blocked Russian securities from the Bank of Russia and The Ministry of Finance of the Russian Federation . The Depository Trust Company (DTC) was the original securities depository. Established in 1973, it was created to reduce costs and provide efficiencies by immobilizing securities and making "book-entry" changes to show ownership of

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1430-530: The Customer Protection and End User Relief Act (H.R. 4413; 113th Congress) , arguing that it would "help ensure that regulators and the public continue to have access to a consolidated and accurate view of the global marketplace, including concentrations of risk and market exposure". DTCC collateral requirements for brokerages created difficulty for users during the GameStop short squeeze . In reaction to

1495-633: The EN 14073-2:2004 harmonised standard will be endorsed by the relevant standards agency, such as DIN in Germany . In Australia filing cabinets should be to AS 5079 a modified version of ANSI BIFMA X5.2-1997 . Non-US firms offer filing cabinets that permit A4 paper to be used in addition to letter-size. Double file cabinets have drawers which can each accommodate two racks for folders side by side. Many European companies engineer filing systems that accommodate hanging folders only; there are no drawer bottoms. In

1560-428: The capital markets . Through its subsidiaries, DTCC provides clearance, settlement, and information services for equities, corporate and municipal bonds , unit investment trusts , government and mortgage-backed securities, money market instruments, and over-the-counter derivatives . It also manages transactions between mutual funds and insurance carriers and their respective investors. In 2011, DTCC settled

1625-405: The mortgage-backed securities market. Participants in this market include mortgage originators , government-sponsored enterprises, registered broker-dealers, institutional investors , investment managers, mutual funds , commercial banks, insurance companies, and other financial institutions. DTCC created Deriv/SERV LLC In 2003 to help resolve over the counter (OTC) derivatives challenges of

1690-479: The Americas. In 2006, GCA VS processed 899,000 corporate actions from 160 countries. Managed Accounts Service, introduced in 2006, standardizes the exchange of account and investment information through a central gateway. DTCC Learning provides financial, technology, and career training and educational services to the global financial industry. Loan/SERV provides services to loan syndicates and agents. Omgeo

1755-502: The BIFMA standard for the medium-duty cabinets, and provide additional performance requirements for the heavy-duty cabinets. The GSA is also responsible for maintaining the standards for filing cabinets and security containers for storing classified materials; more information on that subject may be found in the article on classified information in the United States . In the United Kingdom

1820-615: The CCS service was extended to the American Stock Exchange . This led to the development of the Banking and Securities Industry Committee (BASIC), which represented leading U.S. banks and securities exchanges, and was headed by a banker named Herman Beavis, and finally the development of DTC in 1973, which was headed by William (Bill) T. Dentzer Jr., a former U.S. intelligence community member and New York State Banking Superintendent . All

1885-486: The Euro, British Pound, U.S. Dollar, Swiss Franc, Danish Krone, Swedish Krona, and Norwegian Krone. In 2008, The Clearing Corporation (CCorp) and The Depository Trust & Clearing Corporation announced CCorp members will benefit from CCorp's netting and risk management processes, and will leverage the asset servicing capabilities of DTCC's Trade Information Warehouse for credit default swaps (CDS). On 1 July 2010, it

1950-813: The European Union, based in London and starting in February 2014, and in 2019 that service was extended to Switzerland under FINMA supervision. From 2018, DTCC built up its GTR infrastructure to also support securities financing transaction reporting in the European Union under the EU Securities Financing Transactions Regulation (SFTR). In the wake of Brexit , DTCC created an EU entity based in Dublin, which ESMA registered as an EU trade repository in late 2020, which on 1 January 2021 took over part of

2015-504: The Library Bureau, early manufacturers of vertical filing cabinets included Globe-Wernicke, Yawman and Erbe Manufacturing Company, and the Art Metal Construction Company. Prior to the introduction of commercial vertical filing cabinets businesses kept papers in envelopes in turn stored in arrays of pigeonholes often lining a wall. Finding and opening envelopes and unfolding papers was troublesome and inefficient. However,

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2080-517: The Library Bureau. The Library Bureau’s 1903 pamphlet titled "Library Bureau Systems of Vertical Filing with Interchangeable Unit Cabinets", begins with: "Vertical filing, as originated [emphasis added] and perfected by the Library Bureau, is the most complete, accurate and practical method ever invented [emphasis added] for taking care of correspondence, catalogs, reports, invoices, orders, duplicate bills, and loose sheets, or papers of any kind for any business—large, small or peculiar." ). In addition to

2145-560: The Turquoise platform in 120 of the most heavily traded listed Depositary Receipts. Citi Global Transaction Services acts as settlement agent for trades cleared by EuroCCP, which now provides clearing services in 15 major national markets in Europe: Austria, Belgium, France, Denmark, Germany, Ireland, Italy, Finland, Netherlands, Norway, Portugal, United Kingdom, Switzerland, Sweden and Spain. Trades are handled in seven different currencies:

2210-664: The US, most file drawers still have bottoms in the drawers so materials of any sort can be stored. UK filing cabinets are slightly different from US in the width of the rails which support the suspension files, the US ones being narrower; the UK sizes are known as A4 , foolscap and A3. As some offices have tended towards paperless operation - i.e. storing more and more information on computers, rather than on paper - filing cabinets, and indeed other office furniture for long-term archival storage, have been less in demand. Filing cabinets are important in modern offices because offices have to deal with large volumes of paperwork and files on

2275-475: The United States and more than 170 other countries. DTC is a member of the U.S. Federal Reserve System , and a registered clearing agency with the Securities and Exchange Commission . Most large U.S. broker-dealers and banks are full DTC participants, meaning that they deposit and hold securities at DTC. DTC appears in an issuer's stock records as the sole registered owner of securities deposited at DTC. DTC holds

2340-493: The activity previously reported to the UK trade repository. In compliance with legislation in the individual jurisdictions, DTCC operates trade repositories under several legal entities across the world, but keeps the original vision of a globally integrated reporting utility. In 2019, DTCC rebranded its derivatives and trade repository businesses, including the GTR and TIW, as Repository and Derivatives Services (RDS). DTCC Solutions

2405-407: The capacity of the file is somewhat diminished. An advantage for lateral files is that access and view of all files can be easier than with a vertical file because the drawers do not extend as far. In most instances, the top "5th drawer" of a five-drawer lateral file is a flipper door with pull-out shelf , as most people would not be able to access the top of a drawer at this height. A shelf file

2470-415: The company began to make products for others. Finally a small amount of steel was secured and the company started manufacturing steel index card boxes. Soon after, larger cabinets began to be produced including filing cabinets. By designing to minimize the amount of steel, the product was an extremely cost-effective design and had huge commercial success. Home-O-Nize never did make kitchen cabinets and in 1961,

2535-411: The company name was changed to HON. Today, The HON Company , a division of HNI Corporation is the predominant North American manufacturer and marketer of filing cabinets. The demand for filing cabinets was greatly expanded as a result of the commercial distribution of Xerography machines starting in 1950. This event enabled office workers to "have their own copy" of printed materials. Another influence

2600-536: The concept of vertical filing was clearly practiced as early as 1895 when a U.S. patent (533053) was issued to W.A. Cooke, Jr. for A Receptacle for Letters or Other Papers. After World War II, the Home-O-Nize Company was established in Muscatine, Iowa to provide returning veterans with jobs. Founded to produce steel kitchen cabinets, the company soon encountered the reality of the limited availability of steel. So

2665-487: The deposited securities in " fungible bulk", meaning that there are no specifically identifiable shares directly owned by DTC participants. Rather, each participant owns a pro rata interest in the aggregate number of shares of a particular issuer held at DTC. Correspondingly, each customer of a DTC participant, such as an individual investor, owns a pro rata interest in the shares in which the DTC participant has an interest. Because

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2730-464: The dimensions and certain aspects of rigidity, construction, and safety are covered by BS 4438:1969 and BS EN 14073-2:2004 . The safety standards revolve particularly against stability with drawers fully open. Interlocking mechanisms to prevent opening two drawers at once are not mandatory, but the employer's responsibility under the Health and Safety at Work Act makes them advisable. In other EU states

2795-409: The drawer to be fully extended for complete access. The four-drawer vertical file, letter width, is the version purchased by most businesses. The two-drawer file is sold mostly for use alongside a desk. The five-drawer file is mostly purchased by Federal, State, and Local governments (in a 28-inch-deep or 710 mm version), as it typically provides the lowest cost per filing inch. Three drawer files,

2860-403: The exchange of securities on behalf of buyers and sellers and functions as a central securities depository by providing central custody of securities. DTCC was established in 1999 as a holding company to combine The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC). User-owned and directed, it automates, centralizes, standardizes, and streamlines processes in

2925-413: The least popular version, have the advantage of being at "countertop" height so end users can easily retrieve files and use the top of the cabinet as a work area to examine file contents. The drawers of most vertical filing cabinets are engineered to accept hanging file folders, as these have come to dominate the way most users store information. Some files still have a "follower block" in each drawer. This

2990-427: The most effective, as the maximum amount of filing per cabinet is enabled. A 36-inch-wide (910 mm) file, with letter-width filing front-to-back has no more capacity than a corresponding 30-inch-wide (760 mm) file, as the additional space would be wasted. Some users prefer side-to-side filing, as they can search index tabs from a seated position. All-width lateral files can accommodate this configuration, though

3055-664: The number of shares actually owned by DTC at all times. The National Securities Clearing Corporation (NSCC) is the original clearing corporation, and provides clearing and serves as the central counterparty for trades in the U.S. securities markets. Established in 1976, it provides clearing, settlement, risk management, central counterparty services, and a guarantee of completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depositary receipts , exchange-traded funds , and unit investment trusts . NSCC also nets trades and payments among its participants, reducing

3120-534: The origin of vertical filing. The secondary sources claimed that a gold medal was presented at the World’s Fair of 1893 for a vertical file. The Early Office Museum found no evidence to substantiate those claims. Nevertheless, the information presented in the Early Office Museum’s discussion of vertical filing cabinets suggests that the commercial introduction of vertical filing may have occurred in 1900 when

3185-460: The overwhelming volume of paperwork, the stock exchanges were forced to close every week (they chose every Wednesday), and trading hours were shortened on other days of the week. The first response was to hold all paper stock certificates in one centralized location, and automate the process by keeping electronic records of all certificates and securities clearing and settlement (changes of ownership and other securities transactions). One problem

3250-422: The pan-European trading platform Turquoise . EuroCCP has subsequently secured appointments from additional trading platforms and now provides central counterparty services for equity trades to Turquoise, SmartPool, NYSE Arca Europe and Pipeline Financial Group Limited. EuroCCP clears trades in more than 6,000 equities issues for these trading venues. In October 2009, EuroCCP began clearing and settling trades made on

3315-569: The reports collected by regulated Trade Repositories . The reporting mandate was subsequently enshrined in legislation in the respective jurisdictions, e.g. the Dodd–Frank Act in the U.S. and EMIR in the European Union. In May 2011, the International Swaps and Derivatives Association selected DTCC to build up a global industry-wide infrastructure to comply with the G20 mandate, and the service

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3380-468: The rising volumes of paperwork and the lack of security that developed after rapid growth in the volume of transactions in the U.S. securities industry in the late 1960s. Before DTC and NSCC were formed, brokers physically exchanged certificates, employing hundreds of messengers to carry certificates and cheques. The mechanisms brokers used to transfer securities and keep records relied heavily on pen and paper. The exchange of physical stock certificates

3445-418: The securities held by DTC are for the benefit of its participants and their customers (i.e., investors holding their securities at a broker-dealer), frequently the issuer and its transfer agent must interact with DTC in order to facilitate the distribution of dividend payments to investors, to facilitate corporate actions (i.e., mergers, splits, etc.), to effect the transfer of securities, and to accurately record

3510-453: The securities. DTC moves securities for NSCC's net settlements, and settlement for institutional trades (which typically involve money and securities transfers between custodian banks and broker-dealers), as well as money market instruments. In 2022, DTC processed $ 2.5 quadrillion in transactions. In addition to settlement services, DTC retains custody of 3.5 million securities issues valued at $ 87.1 trillion, including securities issued in

3575-410: The time. It provides automated matching and confirmation services for derivatives trades, including credit, equity, and interest rate derivatives . It also provides related matching of payment flows and bilateral netting services. Deriv/SERV's customers include dealers and buy-side firms from 30 countries. In 2006, Deriv/SERV processed 2.6 million transactions. From 2006 this service was complemented by

3640-647: The top New York banks were represented on the board, usually by their chairman. BASIC and the SEC saw this indirect holding system as a "temporary measure", on the way to a "certificateless society". Today, all physical shares of paper stock certificates are held by a separate entity, Cede and Company . The second response involves multilateral netting ; and led to the formation of the National Securities Clearing Corporation (NSCC) in 1976. European Central Counterparty Limited (EuroCCP) used to be

3705-433: The value of securities and payments that need to be exchanged by an average of 98% each day. NSCC generally clears and settles trades on a "T+1" basis. NSCC has roughly 4,000 participants, and is regulated by the U.S. Securities and Exchange Commission (SEC). The Fixed Income Clearing Corporation (FICC) provides clearing for fixed income securities , including treasury securities and mortgage backed securities FICC

3770-504: The vast majority of securities transactions in the United States and close to $ 1.7 quadrillion in value worldwide, making it by far the highest financial value processor in the world. DTCC operates facilities in the New York metropolitan area , and at multiple locations in and outside the United States. Established in 1973, The Depository Trust Company (DTC) was created to alleviate

3835-530: The work of inspecting, counting, and storing certificates. Haack labeled it "top priority", $ 5 million was spent on it, and its goal was to eliminate up to 75% of the physical handling of stock certificates traded between brokers. One problem, however, was that it was voluntary, and brokers responsible for two-thirds of all trades refused to use it. By January 1969, it was transferring 10,000 shares per day, and plans were made for it to be handling broker-to-broker transactions in 1,300 issues by March 1969. In 1970

3900-600: Was announced that DTCC had acquired all of the shares of Avox Limited, based in Wrexham, North Wales. Deutsche Börse had previously held over 76% of the shares. On 20 March 2017, it was announced that Thomson Reuters acquired Avox. DTCC entered into a joint venture with the New York Stock Exchange (NYSE) known as New York Portfolio Clearing, that would allow "investors to combine cash and derivative positions in one clearinghouse to lower margin costs". DTCC supported

3965-443: Was appointed the head of CCS. NYSE President Robert W. Haack promised: "We are going to automate the stock certificate out of business by substituting a punch card. We just can't keep up with the flood of business unless we do". The CCS transferred securities electronically, eliminating their physical handling for settlement purposes, and kept track of the total number of shares held by NYSE members. This relieved brokerage firms of

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4030-954: Was created in 2003 to handle fixed income transaction processing, integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation. The Government Securities Division (GSD) provides real-time trade matching (RTTM), clearing, risk management , and netting for trades in U.S. government debt issues, including repurchase agreements or repos. Securities transactions processed by FICC's Government Securities Division include Treasury bills , bonds, notes, zero-coupon securities, government agency securities, and inflation-indexed securities . The Mortgage-Backed Securities Division provides real-time automated and trade matching, trade confirmation, risk management, netting , and electronic pool notification to

4095-513: Was difficult, inefficient, and increasingly expensive. Before 1946, the SEC had allowed for T+2 settlement (that is, settlement within two days of the trade date), but by the early 1960s, this deadline had been lengthened to four days and then five. In the late 1960s, with an unprecedented surge in trading leading to volumes of nearly 15 million shares a day on the NYSE in April 1968 (as opposed to 5 million

4160-522: Was started in December 2011. The trade repository service was branded Global Trade Repository (GTR) in 2012. It was deployed that year in the U.S. under CFTC supervision, and in 2013 in Australia under ASIC supervision, Hong Kong as an agent of HKMA , Japan under FSA supervision, and Singapore under MAS supervision. In November 2013, DTCC obtained a license from ESMA to operate its trade repository in

4225-601: Was state laws requiring brokers to deliver certificates to investors. Eventually all the states were convinced that this notion was obsolete and changed their laws. For the most part, investors can still request their certificates, but this has several inconveniences, and most people do not, except for novelty value. This led the New York Stock Exchange to establish the Central Certificate Service (CCS) in 1968 at 44 Broad Street in New York City. Anthony P. Reres

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