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Today, despite significant advances in front office trading technology, many back offices rely on paper, phone and fax for processing trades.
Additionally, as more assets are channeled in to hedge funds and alternative asset classes, there is an increasing requirement for sophisticated front office technology to be matched by high levels of back office efficiency.
Paper certificates cost investors more than $250 million a year -- approximately $49 million alone goes to cover the cost of lost and stolen certificates.
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