Certificateless municipals

Certificateless municipals

Municipal bonds with one certificate which is valid for the entire issue, and having no individual certificates, easing transactions. See: Book-entry securities.

Certificateless Municipal

A municipal bond with no physical bond certificate. Instead, the holder is given a receipt and the information is held electronically. Certificateless municipals have become more common as computers have become more sophisticated and exchanges have increasingly closed their trading floors. Certificateless municipals are settled by the DTCC.
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