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 DTC’s FAST program.
Participants submit their physical securities and/or transfer instructions for approval directly to their FAST transfer agent. When the transfer agent approves the transfer, the participant enters the transaction via the PDWC function on DTC’s Participant Terminal System (PTS), the Part Direct Deposit/Withdrawal function on DTC’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 DTC account is increased as is DTC’s FAST balance in the issue. For DWAC withdrawals, the requesting participant’s position in its DTC account is debited, as is DTC’s FAST balance in the issue.