ユーロクリアUK＆インターナショナル

CRESTには、正会員とスポンサー会員の2種類の会員がいます。正会員は通常、年金基金、インターディーラーブローカー、または豊富な資金力を持つその他の大手金融機関です。スポンサー会員は、正会員と同様の権利と責任を有しますが、正会員ほどの資金力や技術力を持たないため、CRESTとの連携はスポンサー会員に委ねています。

UK stocks are held by registrars who are members of CREST and are therefore integrated into the transfer of ownership. Irish equities and ETF securities are also settled directly through CREST members.^[6]

For international stocks, CREST holds a pool of them in a local depository, such as Clearstream for German stocks and CDS for Canadian stocks. CREST then issues a CDI to each holder of the security, which can then be transferred in CREST just like a UK equity. This is similar to the depositary receipts issued in other countries. However, restrictions apply to CDIs. They are not withdrawable or depositable into/out of CREST. This is because a CDI is an electronic reflection of the underlying security held in the domestic (country of origin) market. The security provided by CDI are "international securities" in deed poll which includes security through equity shares, Eurobonds, domestic bonds and depository receipts. International securities must be eligible to be held within or through a CSD, which includes Euroclear, DTC, SIS SegaIntersettle (the Swiss clearing system) and any other national or international central securities depositories from time to time specified in the CREST International Manual.^[7] The economic rights are not affected by the use of the CDIs.

To take the US as an example, the electronic settlement system in the US is called DTC and if a shareholder holds electronic stock in the US they will hold their securities electronically in DTC. In reality, they will hold the securities via a custodian, so the custodian's nominee details will appear on the company's register. This is known as holding stock in the 'domestic' market. Securities held this way can only be traded domestically i.e. in the market of the country of origin. If the shares are listed in more than one market (for example in the US and in the UK) a shareholder who wants to trade their securities within CREST outside of the US 'domestic' market can instruct their custodian (in this example the DTC) to transfer the securities to the CREST account within DTC.

Restrictions apply, only securities that have a UK quote can be transferred to CREST's DTC account. CREST is a member of DTC. Once the securities have been transferred from the shareholder's account within the DTC and into CREST's account CREST will 'create' the CDI within the CREST and the CDI will appear in the shareholder's account within CREST where the CDI can now be traded in the UK market. The CDI which is traded within CREST will typically have the same ISIN as the US share itself. The legal holder to the share will continue to be the nominee for the DTC.

HMRCは、CDIはSDRTの課税対象となる証券であると考えています。ただし、原資産がローン資本であり、そのローン資本がローン資本免除の要件を満たす場合、CDIの取引はSDRTから免除されるべきです。ユーロ債のその他の取り扱いについては、ユーロクリアが発行する速報に記載されています。^{[ 7 ]}

• 2001年無証明証券規制（SI 2001/3755）
• 中央証券預託機関規制（CSDR）

CRESTリファレンスマニュアル（2009年6月）に記載されているCRESTの規則と条件によって補足されています。