West Coast Stock Transfer works directly with Depository Trust Company (DTC), the largest securities depository in the world, whose participants provide our firm full access regarding any and all DTC related services. When a company’s securities are deposited into DTC, it will be easier for brokers to clear and process transactions, often providing issuers with increased liquidity, savings on broker and clearing fees, and an overall improved market visibility.
It’s imperative to return and submit all required documentation as requested to DTCC in a prompt manner, and to reply to their requests in a timely fashion. West Coast Stock Transfer has worked with many of our clients to ensure that their process to eligibility is expedited and seamless. We will be glad to connect you with one of our many partner Broker/Dealers that will be directly submitting to DTCC the final eligibility package.
FAST Program: DWAC and DRS
West Coast Stock Transfer is a participant in the Fast Automated Securities Transfer Program (FAST). Once an issuer has obtained DTC eligibility they can request West Coast Stock Transfer to submit to DTC for electronic FAST eligibility. These programs allow shareholders to hold securities as the registered owner, electronically in book form at the transfer agent rather than holding a physical certificate. DTC participants can request shares from the issuer’s transfer agent directly and stock can be deposited into the shareholder’s brokerage account. This process reduces time on stock deposits into brokerage account, eliminates additional brokerage fees associated with processing physical certificates, saves on courier expenses and eliminates lost certificates along with the fees and process associated with replacing them.
DWAC: Deposit and Withdrawal at Custodian
DWAC is one of the two ways of transferring between Broker/Dealers and the DTCC. This enables investors to hold securities in registered, book-entry form of the West Coast Stock Transfer, rather than in physical form.
DRS: Direct Registration System
DRS is a system that allows securities to be held in book-entry form without having a physical certificate issued as evidence of ownership. The shares are instead, registered electronically in West Coast Stock Transfer’s record keeping system.
Holders of securities in DRS (book-entry form) have the same rights and privileges as holders of securities in physical certificate form.
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DTC, DRS and FAST Access Application Process
To become a DTC FAST/DRS eligible, the issuer must be approved and accepted by DTC. DTC is strictly regulated by the SEC, US Treasury and Federal Reserve, because of this, it must comply with multiple regulations in approving issuers. With this obligation, DTC has the right to withhold any explanation of why an issuer is rejected. West Coast Stock Transfer can assist your company in obtaining approval for the DTC DRS System and FAST/DWAC Services.