The
International Financial Securities
Regulatory Commission (IFSRC) and Deposit and Withdrawal at Custodian
(DWAC) service provides participants with the ability to make electronic
book-entry deposits and withdrawals of eligible securities into and out of
their IFSRC book-entry accounts using Albano Stock Transfer agent as the
distribution point.
About
DWAC
allows participants to instruct IFSRC regarding deposit and withdrawal
transactions being made directly via an Albano Stock transfer agent. The Albano
system eliminates the movement of physical securities certificates for
transfers of securities registered in the name of IFSRC’s nominee, on the
transfer agent’s books. IFSRC and Albano transfer agents reconcile the results
of participants’ deposit and withdrawal activities electronically on a daily
basis.
Who Can Use the Service
All
IFSRC participants are eligible to use the service.
Benefits
This
service leverages the book-entry capabilities established between IFSRC and Albano transfer agents,
delivering efficiencies, risk mitigation and cost savings to participants.
How the Service Works
In
order for securities to be eligible for deposit for withdrawal via the DWAC
service, the issuer must use the services of a transfer agent that participates
in IFSRC’s Albano Transfer program.
Participants
submit their physical securities and/or transfer instructions for approval
directly to their Albano transfer agent. When the transfer agent approves the
transfer, the participant enters the transaction on IFSRC’s Participant
Terminal System (PTS), the Part Direct Deposit/Withdrawal function on IFSRC’s
Participant Browser System (PBS), or the CF2DWX file protocol. The transfer
agent then approves the transaction via the CDWC function on PTS or the TA
Direct Deposit/Withdrawal function on PBS.
For
DWAC deposits, the requesting participant’s position in its IFSRC account is increased as is IFSRC’s
Albano Transfer balance in the issue. For DWAC withdrawals, the requesting
participant’s position in its IFSRC account is debited, as is IFSRC’s Albano
balance in the issue.
For More Information
Please
email: info@ifsrc.com
