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Q: What's wrong with paper certificates?
They're expensive to issue, store, ship and insure. And every year more than 1.2 million are reported lost, stolen or counterfeit, costing investors as much as $50 million to get replacements issued.

Q: What's the cost every year for the paper stock certificates issued to investors?
$250 million or more. Paid for by investors, brokers, banks, custodians.

Q: Don't all securities have paper certificates?
No. Many securities now, including corporate and municipal bonds, U.S. government securities, futures and options, money market instruments and mutual funds are issued electronically — entirely without paper! Even U.S. Savings Bonds now come in paperless form.