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

Eric Hughes eric at remailer.net
Wed Jan 25 08:42:32 PST 1995


   From: rah at 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






More information about the cypherpunks-legacy mailing list