New Reports Help Customers Track DTC Transactions
DTCC’s depository subsidiary, The Depository Trust Company (DTC), has introduced two new reports to its Securities Processing services. The first will help customers track deposits and withdrawals requested via the DWAC (Deposit or Withdrawal at Custodian) function. The second provides information on the removal of non-transferable securities from participant accounts.
Detailed information
The first report enables DWAC customers to obtain an end-of-day report on the status of pending and processed transactions. With DWAC, customers transmit electronic requests to DTC, which allow their transfer agent custodian to deposit or withdraw shares from their DTC account.
The report will provide customers with:
- Type of DWAC transaction – deposit or withdrawal;
- CUSIP number/shares;
- Security description;
- Entry date and process date;
- Transaction ID number;
- Participant contact name and number;
- Status of the transaction (accepted, rejected or canceled);
- A comment field.
“DWAC transactions can be rejected or canceled for a variety of reasons,” said Kirk Matthews, DTCC product manager, Asset Services. “For example, a customer could submit an erroneous CUSIP number or there may have been insufficient information for the custodian to process the transactions. This report will tell customers the status of all DWAC transactions each day, ensuring their records are accurate.”
The new report, called “DWAC EOD Status Report – Participant Sequence,” is now available on DTCC’s browser-based archived report facility, SMART/Search.
Non-transferable securities
Another new monthly report details all incidences of customers removing non-transferable security positions from their DTC account using the Position Removal (PREM) function.
Non-transferable securities are typically those of a company that has become insolvent or gone out of business. “Our participants frequently get calls from their customers inquiring about these securities, particularly as they relate to reporting losses for tax purposes,” said Joseph Clemente, DTCC product manager, Asset Services. “This report will assist participants in researching positions that were removed from their account at any time in the past.”
This report, also available on SMART/ Search, gives customers the CUSIP number, security description and the quantity of the non-transferable position and the transaction date. @