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DWAC: Deposit and Withdrawal at Custodian, or
DRS: Direct Registration System
The main difference is DWAC deposits require a Medallion Guaranteed Stock Power and DRS deposits are paperless. In the United States and Canada, a medallion signature guarantee is a special signature guarantee for the transfer of securities. It is a guarantee by the transferring financial institution that the signature is genuine and the financial institution accepts liability for any forgery.
Q: Why beneficial or direct ownership over street?
Convenient access to trading (through websites and apps).
Low, or no transaction fees and account fees.
Protection against brokerage insolvency through SIPC Insurance [1].
Trade quickly without waiting for T+2 settlement for securities or for cash.
Semi-anonymity for larger individual investors (only their broker knows their identity).
Ability of investors to use their stock as collateral to borrow against in a margin loan [2].
Allows for the holding of uninvested cash [
RESOURCES
https://issanet.org/content/uploads/2013/04/2019-05-21_ISSA_Background_Overview.pdf
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