»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýappre are several different types of participant within CREST:-

• a user is a firm that has the ability to exchange electronic messages with CREST. Most users are banks or stockbrokers. A user can communicate with CREST on behalf of any number of other participants who have delegated to him the power to do so. »Ê¹ÚÌåÓýappse other participants are described as being sponsored by the user.
• a member is a firm or an individual that holds stock in CREST and is able to make and receive payments. Members include banks, stockbrokers, investing institutions, custodians, nominees and individuals. A member can segregate its holdings into any number of different member accounts or sub-accounts. »Ê¹ÚÌåÓýapp name of the member and the identification of the member accounts all appear on the registers of the securities they hold.

A CREST member will hold two accounts: a stock account and a cash memorandum account. »Ê¹ÚÌåÓýapp stock account records the quantity of shares held in each security by a member at any given time. »Ê¹ÚÌåÓýapp cash memorandum account records payments and receipts for sales and purchases of securities and shows the available credit the member has to facilitate share purchases.

• a registrar maintains the legal register of securities settled in CREST and amends it in accordance with instructions received from CREST.
• a payment bank makes and receives payments for the account of its clients in CREST. Only a small number of banks of the highest standing are payment banks in CREST.