Glossary of Municipal Securities Terms

FAST AUTOMATED SECURITIES TRANSFER (FAST)

An arrangement between The Depository Trust and Clearing Corporation and transfer agents to hold securities registered in DTC’s nominee Cede & Co. in book-entry form. FAST minimizes certificate movements and streamlines transfer processing by record­ing the securities in book-entry form on the books and records of the issuer’s transfer agent and further reconciling these securities through automated data feeds. In most cases transfer agents maintain one immobilized jumbo certificate representing the entire DTC position per issue.

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