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What is the difference between an Electronic (ATON) and a Manual (Non-ATON) transfer?

ATON is an electronic transfer method that eliminates the physical exchange of paper documentation between institutions (signed documents are still required to begin the process). Electronic transfers can only be completed between two Canadian Financial Institutions. A Customer Unit Identifier (CUID) is the four letter code identifying code CDSX and the ATON system use for communications between CDS (Clearing and Depository Services Inc.) and members of the financial community.  CDS assigns CUID codes to institutions that clear and settle securities trades through its services.
NOTE: not all securities are eligible to be transferred electronically, so even if the request is initiated on ATON, some securities may still be transferred manually.    
Manual (Non-ATON) transfers require documentation to be passed between the receiving and delivering institution manually. All manual requests are sent via mail, courier or messenger. 

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