The Depository Trust Company (DTC) serves as a central securities repository where stock and bond certificates are exchanged, primarily electronically. It is owned by major banks, broker-dealers, and exchanges on Wall Street.
The Medallion Stamp Program is a securities transfer process approved by the Securities Transfer Association. It enables participating financial institutions to guarantee signatures for the transfer of securities.
Overissue refers to the issuance of shares of capital stock in excess of the number authorized by a corporation’s charter. Preventing overissue is the function of a corporation's registrar, usually a bank acting as an agent, which works closely with the transfer agent.
Safekeeping refers to the storage and protection of assets, valuables, or documents to ensure their security and proper management. It ranges from using a bank safe deposit box to utilizing services from financial institutions like banks and brokerage firms.
Taking delivery refers to the acceptance of goods, commodities, or securities by the recipient, with documentation such as a bill of lading, reflecting the transfer and acknowledgment of receipt.
A transfer agent is an individual or firm responsible for maintaining records of a corporation’s shareholders, including names, addresses, and the number of shares owned. They handle the issuance and cancellation of stock certificates when shares are bought or sold.
The term 'wallpaper' has dual significance: in finance, it refers to worthless securities like bankrupt stocks and bonds, and in computing, it denotes a picture or graphic used as a desktop background.
