From: eric@remailer.net (Eric Hughes)
Date: Wed, 25 Jan 95 08:42:32 PST
To: cypherpunks@toad.com
Subject: Re: e$: Guilds, Friedman, and Web-servers for mutual funds
In-Reply-To: <v01510101ab4bb4545cd9@[199.0.65.105]>
Message-ID: <199501251641.IAA23018@largo.remailer.net>
MIME-Version: 1.0
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   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