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My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.

"Jamie Dimon on Finance: 'Who Owns the Future?'". Interview with John Micklethwait, www.bloomberg.com. March 1, 2016.
My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, Let's digitize it and have one vault. Now