/biz/ - Business & Finance

This book vs plan stuff apparently has some precedent. DRS apparently came out of 2008 as a formalized replacement to transfer agents requesting physical delivery of certificates, and the 'plan' shares are basically an equivalent to something called FAST. FAST was a way for cede to just hold on to shares without ever sending them over to the transfer agent, and 'operational efficiency' literally referred to not having to print out physical deposits and deliver them. It was a process designed to keep the accounting centralized at cede.
https://www.sec.gov/rules/sro/dtc/2008/34-57362.pdf