DWAC stands for Deposit/Withdrawal at Custodian.  It is an electronic transaction system run by  The Depository Trust Company (DTC) that makes it possible to transfer new shares or paper share certificates between broker/dealers or custodial banks, the DTC participants, and the issuer’s transfer agent.  The DTC is, thus, “a clearinghouse settling trades in corporate and…

A transfer agent is an agency, usually a bank, that keeps track of the individuals and entities that own the stock and bonds of a corporation.  Sometimes a corporation will act as its own transfer agent. The role of a transfer agent is divided into three general categories: issuing and canceling certificates, acting as an…