This approval enables Equiniti to connect directly to the U.S. settlement system and administer U.K. Depositary Interest (DI) registers for U.S. listed companies, materially broadening choice for issuers pursuing cross border listing strategies and reinforcing Equiniti’s position as a leading provider of integrated transatlantic shareholder services.
A step change in cross border capability
DTC is the central securities depository for the U.S. market, responsible for the electronic settlement of the vast majority of U.S. equity trades. By becoming a full DTC participant, Equiniti can now manage U.S. settlement directly with DTC, rather than operating through a third party intermediary.
In practical terms, this creates a more direct and integrated operating model, enabling Equiniti to bring together:
- Direct interaction with the U.S. settlement system
- Administration of Depositary Interest registers within CREST
- Integrated issuer and shareholder servicing across both jurisdictions
For issuers, this translates into greater operational efficiency, improved visibility across registers, and reduced execution risk during listing changes, restructurings, or market transitions.
As a result, Equiniti is now one of a very small number of providers able to offer this capability end to end.
Supporting evolving listing strategies
As global capital markets continue to evolve, companies are reassessing how best to structure their listings to access liquidity, reach investors, and support long term growth. Equiniti’s expanded DTC capability is designed to support those decisions, without prescribing or encouraging any particular outcome.
This service is particularly relevant for two key issuer groups.
U.S. companies pursuing a secondary U.K. listing
For U.S. listed companies seeking access to U.K. investors, Depositary Interests provide an established mechanism that allows shares to trade locally in the U.K. while remaining fully fungible with the underlying U.S. securities.
Because U.S. shares cannot be directly settled in CREST, DIs act as a CREST compatible representation of the underlying shares, allowing U.K. investors to trade and settle positions as if they were domestic securities, while legal title remains in the U.S.
With full DTC participant status, Equiniti can now act directly as Depositary Interest registrar, simplifying the operating model and offering a single provider to manage:
- Settlement connectivity
- The U.K. DI register
- Issuer and shareholder communications
The result is a smoother experience for issuers and a familiar, local trading environment for U.K. investors.
U.K. companies moving to a U.S. primary listing
For U.K. companies transitioning their primary listing to the U.S., maintaining continuity for existing U.K. shareholders is often a key consideration. Many issuers seek to avoid forcing shareholders into unfamiliar U.S. settlement arrangements.
Equiniti’s expanded capability allows existing U.K. shareholdings to be maintained as Depositary Interests, ensuring continued U.K. market access while supporting the company’s new U.S. primary listing structure. This approach helps minimize disruption for shareholders and preserves engagement in the company’s home market.
Case study: Carnival plc
Carnival’s recent capital restructure provides a compelling example of how Equiniti’s enhanced capabilities can be deployed in practice.
As part of a strategic simplification of its corporate structure, Carnival delisted from the London Stock Exchange while consolidating around its U.S. listed entity. A critical requirement was ensuring that U.K. shareholders could continue to hold and trade their interests efficiently following the change.
Following Equiniti’s approval as a full DTC participant, we supported Carnival as the first issuer to use this capability, enabling approximately 24,500 U.K. holdings at the record date to be maintained through a Depositary Interest structure - around 23,000 of which were retail investors, largely transitioned from certificated holdings into a CSN.
Importantly, this was achieved without migrating live registers to another provider, significantly reducing execution risk and allowing a longstanding 26 year client relationship to continue uninterrupted through a complex cross border event.
Why Equiniti
Equiniti combines deep expertise in registrars, Depositary Interest structures, and corporate actions with the scale and regulatory infrastructure required to support complex international issuers.
Becoming a full DTC participant reinforces our commitment to:
• Providing genuine choice for issuers pursuing U.S. - U.K. listing strategies
• Reducing complexity and execution risk during market transitions
• Safeguarding shareholder experience and continuity across borders
As one of a small number of providers able to deliver this capability end to end, Equiniti is uniquely positioned to support issuers at every stage of their transatlantic journey.