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After the Accord from Part VII - Updating Market Infrastructures
Published online by Cambridge University Press: 14 January 2021
Following a 1963 loss of Treasury securities held by a Federal Reserve Bank acting as custodian for a member bank, staff of the Board of Governors and the twelve district Reserve Banks undertook to replace paper securities held at a Reserve Bank with book-entry records. The program was largely complete by the end of 1970 and provided the foundation for the subsequent expansion of the book-entry system to include Treasury securities held by member banks.
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