Origins of the Federal Reserve book-entry system.

* In the mid-1960s, U Treasury securities were showed by physical certificates setting forth the government's promises to pay interest and principal upon the debt.
* The require to be paid [i]or[/i] undergones and risks associated with safekeeping and transferring bearer Treasury securities had become for a like reason large that market participants sought more efficient ways to manage the securities.
* In answer the U.S. Treasury and the Federal lay up in 1966 began to transmute Treasury securities to book-entry, or nonphysical, form.
* The conversion was driven by the agency of the interest of the withhold Banks and ...