Further details about the new enhanced SDRT assessment service, including a consultation invitation for financial entities operating and using other aggregation and netting models is now available. In addition, HMRC have now updated the list of recognised growth markets on which the exemption from Stamp Duty and SDRT will be effective from 28 April 2014.

The enhanced SDRT assessment services aims to rebalance market practice by facilitating gross reporting of transactions in securities (stocks & shares) which have been netted outside of CREST, to a centralised point for reporting and assessment of SDRT. Work is on course to deliver this new service by the expected implementation date of June 2014.

Financial entities using CCP settlement netting will be required to report their gross transactions in chargeable securities using the new enhanced SDRT assessment service when it goes live in June 2014.

Further details regarding the enhanced SDRT reporting and assessment process can be found in the Euroclear UK & Ireland (EUI) CREST handbook.