▁ ▁The ▁first ▁was ▁to ▁hold ▁all ▁paper ▁stock ▁certific ates ▁in ▁one ▁central ized ▁location , ▁and ▁autom ate ▁the ▁process ▁by ▁keeping ▁electronic ▁records ▁of ▁all ▁certific ates ▁and ▁se cur ities ▁clear ing ▁and ▁settlement ▁( changes ▁of ▁ownership ▁and ▁other ▁se cur ities ▁transactions ). ▁The ▁method ▁was ▁first ▁used ▁in ▁Austria ▁by ▁the ▁Vienna ▁G iro ▁and ▁De pository ▁Association ▁in ▁ 1 8 7 2 . ▁ ▁One ▁problem ▁was ▁state ▁laws ▁requiring ▁bro k ers ▁to ▁deliver ▁certific ates ▁to ▁invest ors . ▁Event ually ▁all ▁the ▁states ▁were ▁convinced ▁that ▁this ▁notion ▁was ▁ob sole te ▁and ▁changed ▁their ▁laws . ▁For ▁the ▁most ▁part , ▁invest ors ▁can ▁still ▁request ▁their ▁certific ates , ▁but ▁this ▁has ▁several ▁incon ven ien ces , ▁and ▁most ▁people ▁do ▁not , ▁except ▁for ▁novel ty ▁value . ▁ ▁This ▁led ▁the ▁New ▁York ▁Stock ▁Exchange ▁to ▁establish ▁the ▁Central ▁Cert ificate ▁Service ▁( CC S ) ▁in ▁ 1 9 6 8 ▁at ▁ 4 4 ▁Broad ▁Street ▁in ▁New ▁York ▁City . ▁Anthony ▁P . ▁R eres ▁was ▁appointed ▁the ▁head ▁of ▁C CS . ▁ ▁NY SE ▁President ▁Robert ▁W . ▁Ha ack ▁promised : ▁" We ▁are ▁going ▁to ▁autom ate ▁the ▁stock ▁certificate ▁out ▁of ▁business ▁by ▁subst itut ing ▁a ▁p unch ▁card . ▁ ▁We ▁just ▁can ' t ▁keep ▁up ▁with ▁the ▁flo od ▁of ▁business ▁unless ▁we ▁do ". ▁ ▁The ▁C CS ▁transferred ▁se cur ities ▁electron