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HMRC internal manual

Stamp Taxes on Shares Manual

CREST: CREST Functionality: agent indicators

Participants entering transaction details into CREST are required to insert a code to indicate the capacity in which they are acting. The codes are:-

P Principal broker dealer purchase (from client or market)
   
S Principal broker dealer sale (to client or market)
A Agent broker dealer purchase or sale

 Custodians and fund managers acting for clients typically do so in an agency capacity unless, under the terms of the counterparty agreement, they take a principal role. To reflect this arrangement, the Agent Indicator field should be populated with ‘A’ when receiving or delivering stock for clients.

N No principal/agent broker or other investment dealing capacity.
   

Implication of MiFID II

With effect from 3rd January 2018, as a consequence of the MiFID II changes, a new Regulatory Technical Standard made under the Markets in Financial Instruments Regulation (MiFIR – Regulation (EU) 600/2014) – specifically (Delegated Regulation (EU) 2017/590) introduced three new trade capacity values as shown in the table below. However the CREST trading capacity indicators remain unchanged, and as such the new trade capacity values are not directly reportable to CREST

DEAL Dealing on own account
   
MTCH Matched principal
AOTC Any other trading capacity

 DEAL and MTCH relate to principle broker dealing and AOTC is restricted to other trading capacities, which includes agency broking deals