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The commercial book-entry system (CBES) is a way for investors who work with banks, brokers, and dealers to get and pay for Treasury securities. The Commercial Book-Entry System (CBES) - TreasuryDirect TreasuryDirect (.gov) https://.treasurydirect.gov › how-auctions-work TreasuryDirect (.gov) https://.treasurydirect.gov › how-auctions-work
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