Remarks at the Central Bank Independence Conference—Progress and Challenges in Mexico, Mexico City, Mexico.

Remarks at the Central Bank Independence Conference—Progress and Challenges in Mexico, Mexico City, Mexico.

Given estimates of shipping costs and scale economies for high-speed currency sorting, the authors investigate whether the Federal Reserve might lower its costs by reallocating the volume of sorting among its processing sites.

The conversion of U.S. Treasury securities from physical to book-entry form was a major event in the history of the Treasury market. The conversion, which began in 1966, resulted in an automated system that has greatly reduced market operating costs and risks. This article examines the origins...