CREST is a UK-based central securities depository that holds UK equities and UK gilts, as well as Irish equities and other international securities. It is a settlement system that enables stocks and share to be held, transferred and settled in dematerialised form by mean of electronic messages, and commenced operations in July 1996.

Whilst transactions can still be settled outside CREST, CREST is central to the administration of SDRT and most trades on the London Stock Exchange (LSE) and other exchanges are now effected electronically through CREST, without the need for stock transfer forms.

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