Launched 30 years ago, CREST transformed how UK financial markets settle securities transactions using world‑leading technology. Since day one, it has supported the market to adapt and evolve – streamlining processes, reducing cost and risk and providing a safe place to settle, even in volatile times.
30 years of CREST – Powering the future
Euroclear UK & International
Today, CREST moves the equivalent of the UK’s GDP every 4 days.
"At Euroclear, we remain the trusted, resilient steward at the heart of the financial markets – still innovating, still evolving, still delivering at scale to shape the next decades of transformation.”
Chris Elms, CEO, Euroclear UK & International
We have embarked on a multi-year transformation programme to transition CREST onto a new modular technology platform.
The 6 objectives
- Increase the operational and financial resilience of Euroclear UK & International and the CREST system.
- Increase the client value provided by the CREST system.
- Enhance the business agility of Euroclear UK & International to support the UK financial markets.
- Improve the operational efficiency of Euroclear UK & International and also that of our clients.
- Realise synergies with Euroclear group.
- Remove the technology debt that has accrued in the current CREST system.
Operational resilience has always been part the role of CREST – but what resilience means and what the market expects from it, has evolved as the financial markets become increasingly interconnected and digital.
CREST continues to evolve in line with these expectations, working closely with market participants, industry bodies and regulators to ensure the settlement ecosystem remains robust and dependable.
MiniCREST, a substitute settlement system currently being developed by Euroclear UK & International, will enable the continuation of our most systemically significant Important Business Services (IBS) in the event that the CREST system is unavailable for an extended period, such as during a severe cyber or ransomware incident. We have designed it to provide a minimum level of service to support financial stability in the UK.
MiniCREST and CREST’s wider resilience framework support the UK’s broader financial stability and operational resilience objectives.
London’s role as a leading global financial centre depends on markets that are efficient, resilient and able to evolve. As the UK’s securities settlement infrastructure, CREST plays a central role in supporting that evolution.
Today, CREST continues to support the modernisation by providing a stable settlement foundation that allows new processes and standards to be introduced safely. By combining proven infrastructure with a forward‑looking approach, CREST helps reduce friction, manage risk and support the orderly implementation of market reforms.
At Euroclear, we work closely with market participants, industry bodies and regulators to support the modernisation of UK markets. This collaborative approach helps ensure that change is:
- practical and achievable
- aligned with market needs
- introduced without compromising stability or resilience
By evolving responsibly and in partnership with the market, we will continue to help shape a future‑ready UK settlement landscape.
