March 2011
Beginner
192 pages
4h 30m
English
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CREST
CREST is legally five systems. It acts separately as the national CSD for the United Kingdom, Ireland, Isle of Man, Jersey, and Guernsey. The predominant CREST system is the CREST United Kingdom system. It commenced operations in July 1997 following concerns that the U.K. settlement infra-structure was out of date and after the failure of the London Stock Exchange's Taurus system, which was intended to introduce electronic settlements to the U.K. market. CREST is now operated by Euroclear (United Kingdom and Ireland) Limited. CREST is a direct holding system, which means the account holder establishes legal title by reference to a register of title of which, for U.K. securities (equities, U.K. government bonds or gilts as well as certain money market instruments), is effected on a register maintained as part of the CREST system. In Ireland, to record transactions CREST transmits an electronic message, which causes a registrar appointed by the Irish issuer to update its register and title.
CREST is also unusual in that it supports direct membership by individuals (but see also systems like CHESS in Australia and VPC in Sweden where such membership is widespread). Thus, an individual may open an account in CREST in his name and establish legal title to a security based solely on CREST's electronic records. CREST does not immobilize securities in some account at another CSD or in an agent bank, nor does it immobilize securities in paper form.
Securities and cash may only be ...
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