Re: e$: Guilds, Friedman, and Web-servers for mutual funds

From: rah@shipwright.com (Robert Hettinga) You can sell anything digitable on the net. Securities are mostly traded on a book-entry basis, that is, in IBM mainframe(still!) computer accounting systems. The back offices are all automated. In the interest of buzzword-compliance, book entry securities in the USA are called ADR's -- American Depository Receipts. ADR facilities are privately operated; Bank of New York has (if I'm remembering correctly) the single largest share of this market. Eric