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"The case study on the U. S. Treasury Direct examines the evolution of the electronic distribution systems for marketable and non marketable government securities, the main objectives, and the basic legal infrastructure and the preconditions enabling the system. The U. S. experience highlights that the enabling environment and infrastructure (for example, in terms of information databases such as Pay . Gov.)make a large difference in terms of both the security and convenience that customers can expect in the use of the system. The system also achieved important cost savings for the Bureau of the Public debt. The case study on the small investors program of the Philippines looks at a program that the Philippine government has been experimenting with to sell its securities directly to retail investors over the Internet. The recently revised version of the program called the Expanded

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Open access.