Outline of CRESTCo Research Programme

    An international team of researchers is investigating CREST, the people behind it, and the companies that operate(d) this settlement engine, i.e. CRESTCo and Euroclear. The focus is on the time period 1993-1997 (the “CREST project”), the time when it was acquired by Euroclear in 2002, the Technology and its impact on global post trading infrastructure, as well as its relationship to current developments such as Target2-Securities (T2S) and blockchain technology.
    The CRESTCo Research Team:
    – Dr Hermann Rapp, contact: hermann.rapp (at) bissresearch.com
    – Dr Cristiana Parisi, Copenhagen Business School (CBS)
    – Alfia Bridgeman, Research Assistant
    In a first phase, 23 interviews were conducted between June and September 2015, complemented by document analysis and secondary data analysis.
    More interviews are to follow in a second phase later in 2016. Please contact the research team if you want to get involved.
    Preliminary findings were presented on:
    – 20 April 2016 at the SWIFT Business Forum 2016 in London;
    – 3 May 2016 at the Ministry of Education, Copenhagen;
    – 13 May 2016 at the EAA Annual Congress, Maastricht.
    Upcoming presentations include:
    Euroclear Conference September 2016, London; Copenhagen Business School.
    The research outcomes will be disseminated in the form of conference papers, a SWIFT Working Paper (forthcoming), academic journal articles, a book chapter and industry reports.


    1. One of the CREST systems most important offering to investors is its fast transfer of securities, It will be interesting to read about how this technology integrates with emerging technologies such as the blockchain.