Treasury Bills are book-entry securities that are registered and integrated
in the Central de Valores Mobiliários (CVM), which is the Central Securities
Depository managed by Interbolsa.
Settlement, in the primary market occurs with instructions given through
the Domestic Central Securities Depository (CVM) in Target 2 Security (T2S or given to the International
Central Securities Depository (ICSD) in a delivery versus payment process,
which simultaneously delivers the securities to the buyer and sends the cash to
the seller.
Settlement of the transactions in the secondary
market, takes place in T2S or in ICSD systems with Euroclear or
Clearstream All payments of redemption are ensured by IGCP, E.P.E. through the Domestic
Central Securities Depository. The CVM will debit the IGCP’s account with
Banco de Portugal and simultaneously will credit the respective account holders
with registered book-entry securities. |