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HMRC internal manual

Stamp Taxes on Shares Manual

From
HM Revenue & Customs
Updated
, see all updates

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.