On Oct. 9, 2026, DTC issued notices on DRS Profile Deposits, DRS Withdrawal by Transfer, and DRS Centralized Billing transition update.
These features will transition to the new SPA system effective Nov. 13, 2026.
DRS Reject Centralized Billing is being expanded to include centralized billing for DRS Profile Deposits and DRS Withdrawal by Transfer transactions.
FAST transfer agents will be required to establish their fees on SPA prior to DRS processing transitioning to SPA; all DRS fees should be entered by Nov. 5th, 2026.
On Nov. 21, DTC issued updates on transformation program phases.
DTC issued notices with update on phase scope, guidance on direct registration system (DRS) transformation related to Fast automated securities transfer (FAST) program.
Follows prior updates on FAST program functionality, DRS, see #232409, #188046.
Securities Processing Transformation Program
Completed FAST Balancing, DWAC transaction processing, DWAC Centralized Billing.
Program moving forward, pending approval, with DRS transaction processing and DRS Reject Centralized Billing on the DTC Securities Processing Application (SPA) system.
Current phase includes profile deposits, withdrawal by transfer transaction processing, DRS reject centralized billing (expand to include centralized billing of Profile Deposits).
Effectiveness
Implement this phase of transformation in stages, releasing component functionality in intervals; provided implementation schedule by component functionality in notices.
All components collectively go-live in Nov. 2025, enabling firms to perform end-to-end DRS transaction processing and associated Centralized Billing on the SPA system.
Jul. 2025 DTC DRS Transformation Live Date
On Jul. 17, 2025, DTC issued notices of DRS transformation and target go-live date.
DTC received feedback from industry stakeholders requesting extended transition timeline for API adoption, and request to support a new MQ-based messaging solution.
DTC evaluated the effort to build additional channel and will offer capabilities in 2026.
Will follow specifications and data elements used in API model and ISO15022/20022.
DTC will delay the retirement of DRS CCF Batch files and ISO 15022 messages until Nov. 2026, when DRS transaction processing will be launched on the SPA system.
Firms interested in implementing the MQ solution must notify DTC by Aug. 30, 2025.
MQ messaging specifications will be available in Dec. 2025, and the participant simulated environment testing for the MQ solution will be available Q1 2026.
Also, firms will have an extended opportunity to adopt the new formats and protocols ahead of the Nov. 2026 retirement of the legacy CCF files and ISO 15022 messages.
Nov. 2025 DTC Service Updates
On Nov. 12, 2025, DTC published notices to provide update on user roles required for testing, production readiness for DRS withdrawal transaction processing, API adoption.
DRS Withdrawal by Transfer and DRS Withdrawal API functions available in participant simulated environment (PSE) test region of Securities Processing Application (SPA).
Access, entitlements to system by user’s designated Super Access Coordinator (SAC).
Provided list of DRS entitlements in SPA for SPA DRS Withdrawal Participant Inquiry, SPA DRS Withdrawal Participant Update, and SPA DRS Withdrawal Participant API.
SACs provision access for users (operators) to DTC’s PSE (test), production regions.
Oct. 2026 DTC Service Updates
On Oct. 9, 2026, DTC issued notices on DRS Profile Deposits, DRS Withdrawal by Transfer, and DRS Centralized Billing transition update.
These features will transition to the new SPA system effective Nov. 13, 2026.
DRS Reject Centralized Billing is being expanded to include centralized billing for DRS Profile Deposits and DRS Withdrawal by Transfer transactions.
FAST transfer agents will be required to establish their fees on SPA prior to DRS processing transitioning to SPA; all DRS fees should be entered by Nov. 5th, 2026.
Regulators
DTC
Entity Types
B/D; Depo; Exch
Reference
Nt 25130-26, Nt 25131-26, Nt 25133-26, 10/9/2026; Nt 23199-25, 23200-25, 11/12/2025; Nt 22616-25, 7/17/2025; Nt 21022-24, Nt 21023-24, 11/21/2024
