The Escrow Fund Certificate is one way a digital certificate can enter the system or be created. The Escrow Fund accepts BLX debt-letters, and then buys real securities on the open market (e.g. New York Stock Exchange). The Escrow Fund charges all related costs of the transaction (broker-dealer, etc.) to the debt-letter, and then issues multiple digital certificates in smaller fractions to the buyer of the digital certificate. Thus, the digital certificate represents the real security held by the Escrow Fund. The Escrow Fund Certificate functions somewhat like depository receipts, a mutual fund, and an escrow fund, making it an animal of its own kind.