Automated Customer Account Transfer Service

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Automated Customer Account Transfer Service

A computerized system enabling the transfer of securities from one account to another at a separate bank or brokerage. This may be done for any security or derivative: stocks, bonds, options, and futures may all be transferred via the ACATS. However, each transfer may only occur between institutions on the ACATS system, which only includes institutions eligible for membership in the National Securities Clearing Corporation that are member banks of the Depository Trust Company. See also: ACAT.
References in periodicals archive ?
NASD found that the respective $295 and $195 transfer fees were excessive, unreasonable and largely unrelated to MPV's actual costs of processing account transfers through ACATS.
Last month, an NASD task force issued recommendations for expediting and streamlining transfers of customer accounts from one brokerage firm to another through ACATS.
ACATS has been an integral part of the normal processing of securities settlement in the industry for 24 years and its use is mandated under the rules of The Financial Industry Regulatory Authority (FINRA).
DTCC expects to present a high-level conceptual plan for the re-engineering of ACATS to SIFMA by September 30, 2009, with a development plan and implementation timeline to be in place by year-end.
We have had cost basis as part of our system for over 20 years and are excited to be able to support this new feature of ACATS," said Paul D.
Both ACATS and ACATS/IPS are offerings of National Securities Clearing Corporation (NSCC), a DTCC subsidiary.