Pulp Fiction: The Case for Dematerialization
The world’s first official stock issuance is believed to be that of the Verenigde Oostindische Compagnie, or the Dutch East India Company, which established the Amsterdam Stock Exchange for its purposes. The oldest certificate dates back to 1606 for this rudimentary initial public offering. Shares had been traded informally and unofficially for some time before that, of course, but the paper record given out for equity purchase formalized the process to a degree, and it’s one that continues to
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