CrestCo, which operates the settlement system for UK securities, is expanding the range of shares handled to include Eurotop 300 and all Nasdaq securities.
The move, made possible as a result of Crest's involvement with SIS SegaInterSettle in the development of The Settlement Network, significnatly extends Crest's cross-border reach to put it in contention with European operators Clearstream and Euroclear.
Both initiatives are scheduled to come into effect on Monday October 23 and represent a major expansion in the international reach of Crest settlement services which also span Swiss, German and Easdaq-listed securities.
Iain Saville the chief executive of CrestCo, says: "Through The Settlement Network we are making the settlement of France Telecom shares, for example, as simple as the settlement of BT shares".
CrestCo also announced record pre-tax profits of £19.7 million for the six months ending 30 June 2000 (£13.4 million in the first half of 1999). Turnover of £45.2 million was 50% higher than in the same period last year. This was largely due to an increase in transaction volumes, particularly in the first quarter when there was considerable retail enthusiasm for a wide range of technology stocks. Volumes have reduced from these levels, but have remained well above historic levels throughout the year.