DEPOSIT/WITHDRAWAL AT CUSTODIAN - DWAC
A method of electronically transferring new shares or paper share certificates from the Depository Trust Company (DTC), which acts as a clearinghouse for settling trades in corporate and municipal securities. The Deposit/Withdrawal at Custodian (DWAC) is one of two ways of transferring between broker/dealers and the DTC, the other being the Direct Registry System (DRS) method. Both enable investors to hold securities in registered form on the books of the transfer agent, rather than in physical form. DRS is different from DWAC in that shares in DRS have already been issued and are held electronically on the books of the transfer agent.
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