Ann: DTC Eligibility Approved, page-13

Understanding the Depository Trust Company (DTC)

The Depository Trust Company (DTC) provides settlement services at lower risks and costs, increasing market efficiency. However, securities must be eligible to be settled using the DTC. Every trader or dealer trading in equity, money market, or debt instruments is presented with net settlement responsibilities by the DTC at the end of every trading day. The DTC offers a range of services, including asset services.

The majority of the large banks and broker-dealers in the U.S. are participants in the DTC. Hence, they occur as sole registered owners for securities deposited and held by them at the DTC. The brokers and dealers, participants of the DTC, own a pro-rata interest in the shares held by issuers at the DTC.

Maybe ARK prefer this process?