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.
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.
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
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