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This volume presents a contibution to the legal history of the bearer bond. The study is not restricted to a legal-historical perspective, however, but seeks to explain the loss of significance that the bearer bond has undergone, particularly in stock trading. The transition of the bearer bond is examined from securitization to non-certified value rights. This transformation is reflected by the fact that the property of the bearer bond as a document has by now largely lost its original function for the circulation of securitized rights. In the age of data processing, securitization is more of a hindrance than a help in the conclusion of bulk business. Against this background, the study sheds light on the question whether a restructuring of the rights of bearer bonds makes sense.