CUBES

An acronym that stands for the Coupons Under Book-Entry Safekeeping program that is operated by the U.S. Treasury Department’s Bureau of Public Debt. The CUBES program gives investors holding coupons that were previously stripped from bearer Treasury securities the opportunity to convert those coupons to book-entry form so they can easily be transferred. A bearer Treasury security is one for which ownership rights are established by whoever holds it, in contrast to a registered security, for which the owner is identified.