Market Best Practices for the United Kingdom: Euroclear UK and Ireland LTD (CREST)
This topic provides best practices for populating and interpreting settlement instructions for the he United Kingdom when using Euroclear UK and Ireland LTD (CREST).
Investment Managers
Use the Market Best Practices for Investment Managers to view the latest applicable country/security/method (CSM) combinations and best practices.
To create an SSI on ALERT for this market, use the following recommended ALERT country/method/security combination:
- Country: UNITED KINGDOM - GB
- Method: CREST - Euroclear UK and Ireland LTD
- Security (one of the following):
- EQU - Equities
- MMT - Money Market
- COB - Corporate Bonds (for any corporate fixed income)
- TRY - Treasuries (for any government fixed income)
This combination enables the associated field labels and validation rules specific to the British market. When you use this combination, ALERT automatically populates the PSET field with the BIC of CRSTGB22.
Note For GC Direct Account maintenance, DTCC recommends maintaining a minimum of three basic security types for each market: Equity (EQU); Fixed Income (COB); and Government Bonds (TRY). To enable faster onboarding, you can align with your custodian on security types in preparation for GC Direct onboarding. Check with you custodian if other security types, such as Money Market (MMT), are supported.
The next table lists the fields for settling in the United Kingdom.
| Field | Requirement | Definition |
|---|---|---|
| Depository/Clearing/Settlement Agency Data | ||
| PSET BIC |
Mandatory |
BIC of Euroclear UK and Ireland Ltd. |
| Crest ID (ID1) |
Mandatory |
Participant number held at Euroclear UK and Ireland Ltd. Format: maximum of 5 alphanumeric characters. |
| Settlement Party Data: Local Clearing Agent Data | ||
| A/C# @ Local Agent |
Mandatory when two or more levels of clearing (Custodian BIC is populated) |
Account number of the global custodian at the local agent. |
| Local Agent BIC |
Recommended |
BIC of the global custodian or local agent who has membership at Euroclear UK and Ireland Ltd. |
| Settlement Party Data: Security/Cash Correspondent (Intermediary) | ||
| Correspondent Security A/C# |
Recommended |
Account number of the global custodian at the intermediary. |
| Relationship |
Conditional. Required if Correspondent Security A/C# and Correspondent BIC are populated. |
On ALERT Web, select Local Agent when setting up three levels of clearing. |
| Correspondent BIC |
Recommended |
BIC of the intermediary. |
| Settlement Party Data: Custodian Data | ||
| A/C# @ Global Custodian |
Recommended |
Account number of the fund at global custodian. |
| Custodian BIC |
Custodian BIC is mandatory If Custodian Name 1 is Empty, Corresp BIC if Populated |
BIC of the global custodian. |
The next figure shows an example of an investment manager's (investment managers and those acting OBO an investment manager (global custodians, regional custodians, and trustees)) instruction on the ALERT platform's web interface when settling in the United Kingdom.
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