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CREST Accounts

  • 07-08-2010 12:23pm
    #1
    Subotai
    Registered Users, Registered Users 2 Posts: 42 ✭


    I am currently with sharewatch, who are changing to ODL Securities Ltd. ODL Securities Ltd do not offer CREST accounts, and instead the account will become a nominee account. I have concerns about this format of account.

    Has anyone used Campbell O'Connor to trade shares? They still seem to offer CREST accounts:
    http://www.camocon.ie/services/crest.html


Comments

  • #2
    Blackjack
    Registered Users, Registered Users 2 Posts: 3,628 ✭✭✭Blackjack


    Subotai wrote: »
    I have concerns about this format of account.
    what concerns?


  • #3
    Subotai
    Registered Users, Registered Users 2 Posts: 42 ✭Subotai


    Most stockbrokers here offer nominee accounts, whereby shares you buy are held in the stockbrokers name on your behalf. With a CREST account your own name is on the share register, so if the stockbroker goes bust your shares are not affected. A stockbroker in Cork went to the wall a few years ago, all of the shares were held in nominee accounts, and were all lost!


  • #4
    Tiesto
    Closed Accounts Posts: 1,509 ✭✭✭Tiesto


    i would have thought that changing their executing broker would not affect their crest setup at all?


  • #5
    Blackjack
    Registered Users, Registered Users 2 Posts: 3,628 ✭✭✭Blackjack


    Subotai wrote: »
    Most stockbrokers here offer nominee accounts, whereby shares you buy are held in the stockbrokers name on your behalf. With a CREST account your own name is on the share register, so if the stockbroker goes bust your shares are not affected. A stockbroker in Cork went to the wall a few years ago, all of the shares were held in nominee accounts, and were all lost!

    Thats not entirely true, when W&R Morragh's went to the wall, the clients lost their money due to their not being able to access their accounts as the accounts were Frozen, and the makets nosedived.

    Further compounded was the fact that the Receiver was allowed (as directed by the High Court) to use the assets in the Nominee accounts to settle their own fees, which amounted to several million.
    The clients got some some monies back, about 25 or 30 cents to the Euro.

    That said, if you decide to go for a CREST account, you probably do have some additional protection, although if your Sponsor goes Bust, it's debatable as to how quickly or not you will be able to access your own assets.


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