Settlement of security operations

Banco de Portugal’s tasks in terms of the settlement of security operations cover mainly the financial settlement in central bank money (payment), as a counterpart to physical settlement (delivery of the securities). Therefore, operations in the Portuguese Stock Exchange (financial side) traded through the Interbolsa system are settled in the accounts held by financial intermediaries within TARGET2.
 
In compliance with its tasks within the scope of the issue, management and settlement of Treasury Bills, Banco de Portugal maintains a central securities depository and a securities settlement system (SITEME). Financial operations can also be settled in the accounts of the TARGET2.
 
Similarly to the other Eurosystem countries, Banco de Portugal participates in the study, development and implementation of the future European single platform for securities settlement - Target2-Securities -, in conjunction with the banks and securities settlement systems of European countries.