Securities which are held in electronic form (also referred to as uncertificated) rather than evidenced by a physical certificate (also referred to as certificated).

Central securities depositories (CSDs) record the ownership and facilitate the electronic transfer of dematerialised securities. In the UK, eligible dematerialised securities are held in CREST. CREST is a system operated by Euroclear, which is the CSD for the UK.

For further information, see Practice notes, CREST: an introduction and Clearing and settling securities.