After recent transfer woes, trying and failing to transfer identical stocks listed on the same exchange, from Fidelity International using the UK Crest depository and T212 using the EuroClear depository,
My question is this…
Is there any realistic probability that this ‘problem’ (with these two depositories apparently unable to communicate and facilitate an in-specie transfer of identical, major market liquid assets which both provide access to but for some unfathomable reason cannot match) will ever be resolved, and a transfer of identical assets facilitated, between Fidelity and T212 in future?
Fidelity holds many UK assets exclusively in CREST, while we hold the same assets exclusively in Euroclear. These systems are not interoperable for in-specie transfers. Because neither Fidelity nor Trading 212 maintains positions in the other system, there is no available settlement route, and delivery cannot occur.
CREST transactions rely on CREST instructions, accounts, and participant IDs, whereas Euroclear uses its own account structure, messaging formats, and operational workflows. When one party is CREST-only and the other Euroclear-only, there is simply no channel through which the asset can be delivered.
Put simply, a provider cannot submit a transfer instruction through a system in which they are not a participant. Nonetheless, we’re continually working to improve our processes and will take your feedback into account.
Just to follow up Veselin, it would be super useful for clients of T212 to be able to see a comprehensive list of other providers where a transfer in to T212 is possible, without any administrative barriers such as described above, and also where it is not yet possible (as with Fidelity Int.)
It may be an option, in that case, for me to transfer these assets through one or more other providers to reach a point where there is then no such barrier to getting these assets, in-specie, into my T212 account.