Report #72 concept. The 1973 decision to lock physical stock certificates in DTC vaults and transition to computerized book-entry transfers. Rather than modernizing certificate delivery, the industry eliminated delivery entirely. This transferred legal title of all US securities to the DTC's nominee (Cede & Co) and converted shareholders into entitlement holders. The most consequential financial decision of the 20th century — made by industry participants with zero democratic input, zero public debate, and zero legislation. It was a logistical fix that became a permanent ownership architecture.