TASECH for Companies Traded in Israel and in the US (Dual Securities)
TASECH is a participant in the U.S. Depository Trust Company (DTC), the world's largest clearing house. The TASECH account with DTC is used for Israeli firms' dual securities transfer.
The transfer of dual clearing securities through the DTC account is automated so the process is becoming inexpensive, quick and efficient. This service reduces TASECH’s risk and improves its rating abroad, and lowers the company’s "technical short" balances at the time of the transfer and minimizes administrative processing.
Inventory transfer between the US and Israel
Inventory transfers between the US and Israel are carried out via RF (Receive Free) actions used to transfer inventory from the US member's account to the Clearing House member's account and DF (Delivery Free) to transfer inventory from TASECH member's account to a member's US account.
The "MESER" system enables TASECH members to enter DF and RF orders instructions independently. The MESER system receives RF instructions and transmit DF instructions automatically to DTC via SWIFT.
American Depository Receipt (ADR)
The conversion of securities to the ADR and vice versa is made between the TASECH member's account in which a client holds the security and the member's account in which the ADR issuer holds an inventory account, by means of "DR transfer". After the ADR issuer's account with the TASECH member is credited with the security inventory, the ADR is issued in the United States to the credit of the client's account with a US broker. Conversely, when a US client's requests to convert ADR to the security in his account in Israel.