ically , ▁elimin ating ▁their ▁physical ▁handling ▁for ▁settlement ▁purposes , ▁and ▁kept ▁track ▁of ▁the ▁total ▁number ▁of ▁shares ▁held ▁by ▁NY SE ▁members . ▁ ▁This ▁rel ieved ▁bro ker age ▁fir ms ▁of ▁the ▁work ▁of ▁inspect ing , ▁counting , ▁and ▁storing ▁certific ates . ▁Ha ack ▁l abeled ▁it ▁" top ▁priority ", ▁$ 5 ▁million ▁was ▁spent ▁on ▁it , ▁and ▁its ▁goal ▁was ▁to ▁eliminate ▁up ▁to ▁ 7 5 % ▁of ▁the ▁physical ▁handling ▁of ▁stock ▁certific ates ▁trad ed ▁between ▁bro k ers . ▁One ▁problem , ▁however , ▁was ▁that ▁it ▁was ▁volunt ary , ▁and ▁bro k ers ▁responsible ▁for ▁two - third s ▁of ▁all ▁tr ades ▁refused ▁to ▁use ▁it . ▁ ▁By ▁January ▁ 1 9 6 9 , ▁it ▁was ▁transfer ring ▁ 1 0 , 0 0 0 ▁shares ▁per ▁day , ▁and ▁plans ▁were ▁for ▁it ▁to ▁be ▁handling ▁bro ker - to - bro ker ▁transactions ▁in ▁ 1 , 3 0 0 ▁issues ▁by ▁March ▁ 1 9 6 9 . ▁ ▁In ▁ 1 9 7 0 ▁the ▁C CS ▁service ▁was ▁extended ▁to ▁the ▁American ▁Stock ▁Exchange . ▁This ▁led ▁to ▁the ▁development ▁of ▁the ▁Bank ing ▁and ▁Sec ur ities ▁Indust ry ▁Committee ▁( B AS IC ), ▁which ▁represented ▁leading ▁U . S . ▁banks ▁and ▁se cur ities ▁ex changes , ▁and ▁was ▁head ed ▁by ▁a ▁bank er ▁named ▁H erman ▁Be av is , ▁and ▁finally ▁the