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Question

What is the Difference between CREST and Non-CREST (residual) stocks?

Answer

CREST is an electronic settlement system.

Non-CREST, or Residual stock, settles manually and does not settle electronically.  Instead the Market Maker will send us share certificates that we then send on to the Company Registrar.  The Registrar will create a new certificate in the client's name.  Residual stock is harder to come by and there may be delays in settlement because the Market Maker may not always have sufficient stock to send us.  This means that we could receive numerous certificates in different names over a period of time, all of which we need to send to the Registrar.

We also need to send documents to the Inland Revenue so that Stamp Duty can be removed and paid to them.

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