The Treasury said it was modifyingits computerized Coupons Under Book-Entry Safekeeping (CUBES)
program by permitting on-line transfers of funds against
payment by deposit-taking institutions.
    Each institution will be able to keep a CUBES account at
its local Federal Reserve Bank or a branch and through it
handle trading nationwide, a Treasury release said.
    The new system is expected to be in operation late this
year.
    Currently, CUBES accounts are maintained off-line at the
Federal Reserve Bank of New York, the Treasury said.
 Reuter
