Technological Revolution
T he first half of the 1980s dawned brightly. The Depository Trust Company (DTC) was expanding on multiple fronts, including holding municipal bearer bonds—and building a 40,000-square- foot vault in Garden City, New York, to do so. Despite sharp volatility in the bond markets—due primarily to a drop in interest rates—DTC filled the Garden City vault quite ably. By the end of the decade, it held 20.6 million bearer certificates and another 6.9 million registered certificates with a total value of $750 billion. However, paper products were falling out of favor. By 1982, bonds were available as book entry only, with many states and local issuers opting for this method. Technology was becoming more readily adopted throughout the broader securities industry, with DTC playing an important role. Same-day settlement of funds was on the horizon.
With the addition of municipal bearer bonds, The Depository Trust Company (DTC) expanded its vault to include 40,000 square feet of space in Garden City on Long Island. By the end of the 1980s, DTC held 20.6 million bearer certificates and another 6.9 million registered certificates.
Made with FlippingBook. PDF to flipbook with ease