The Settlement Discipline regime is a key feature of the CSD Regulation (CSDR) which will introduce changes to CSDs throughout the European Economic Area and aim to promote their operational efficiency and thus contribute to a timely and efficient settlement in the European Union.

The CSDR – Settlement Discipline Workshop, which took place in Lisbon on 18/09/2019, is part of the preparatory work that INTERBOLSA has been developing with its Participants and the Market, with the aim of providing them with the essential tools for the entry into force of this new regime in September 2020.

The presentation made at the Workshop is available at the following link.

INTERBOLSA has decided to amend its price list for Financial Intermediaries and other entities by reducing the resubmission of instructions fee from 83 cents to 33 cents from 1 October 2019.This fee will be charged to the parties involved in the transaction, per resubmission day, whenever an instruction not settled is  resubmitted on the T2S platform for a new settlement.

Following the adoption of the Trade Date Netting (TDN) model by all the CCPs participants of Interbolsa, it has also decided to change the charge of the cancellation of instructions, beginning on October 1, 2019, this fee to be charged to all cancelled operations.

The Non-euro Currency Settlement System (SLME), managed by INTERBOLSA accepts, since September 30, 2019, the settlement and income payments related to Exchange-Trade Funds (ETFs) denominated in a non-euro currency.

The list of eligible currencies has also been extended to the:

• Chinese offshore;
• Norwegian krone;
• Swedish krona.

The Non-euro Currency Settlement System processes the settlement of all operations in non-euro eligible currency, namely the settlement of operations carried out over-the-counter, the settlement of “non-clearable” market operations and the income payments and redemptions.

To properly accommodate these amendments, INTERBOLSA amended the INTERBOLSA Regulation No. 2/2016, the INTERBOLSA Circular No. 1/2016 and the INTERBOLSA Circular No. 4/2016.

INTERBOLSA has made available the “Partial Release” functionality with the implementation of the T2S Change Request 653 with Release 3.2, occurred on November 16, 2019.

This new functionality that introduces benefits in improving settlement efficiency, enabling fails reduction in accordance with the future CSDR settlement discipline regime, meets the following requirements:

• Available only for securities delivery instructions (DVP, DFP and DWP);
• For settlement instructions:

• matched and not canceled;
• pending with Party “Hold”;
• that permit partial settlement;
• which intended settlement date (ISD) has been reached.

In cases where the partial quantity released does not settle, during the day the partial release functionality was activated (until the end of the respective cut-off), the process will be automatically canceled by T2S, returning the instruction to its original status (Hold of initial quantity).

To properly accommodate this amendment, INTERBOLSA revised Article 46 of INTERBOLSA Regulation 2/2016 (amendment of paragraph 2 and addition of paragraph 4).

Supplementary documentation: Release 3.2 Briefing Paper

INTERBOLSA has implemented a VPN IPSEC Tunnel solution which allows its participants to connect to the INTERBOLSA Wide Area Network (WAN) via Internet.

This solution aims to decrease connection costs, namely for remote customers, as well as to reduce the installation time of the communication lines used in current solutions (ADSL or optic fiber).

The amounts to be charged by INTERBOLSA are defined in point 7.1 of the price list of the Financial Intermediaries.

In INTERBOLSA’s price list was also included a new fee for the backup connection, through optic fiber, to INTERBOLSA’s communication network.

Following the implementation of the CR 694 by T2S, the partial settlement window of 07:00 and 14:45, now have the following schedule: from 07:00-07:30 and 14:30-15:00 (WET).

The aim of this change is to increase the settlement efficiency to allow further processing and settlement of more instructions.

In order to properly accommodate this amendment, INTERBOLSA has changed the notice of the timetables (amendment of paragraph 5).

Today, September 3, 2020, INTERBOLSA implemented in its systems the necessary changes in order to comply with the Shareholders Rights Directive II (Directive 2017/828, of May 17, 2017), namely the requirements needed and defined in the Regulation 2018/1212, of September 3, 2018.

Therefore, the amendments to the INTERBOLSA’s Regulation 2/2016, as introduced by INTERBOLSA Regulation 1/2020, can be accessed through the following LINK

Promoted by Euronext Lisbon and INTERBOLSA, this session took place via Teams, on October 29, in which the main developments in demand and supply of funds in Portugal and trends in the evolution of the market structure were discussed.

The new features of INTERBOLSA’s Fund Order Routing platform (SFI) were also presented.

The speakers at this webinar were the following ones:

• Isabel Ucha (Euronext Lisbon)
• Rui de Matos (INTERBOLSA)
• João Pratas (APFIPP President)
• Emanuel Silva (IM Gestão de Ativos CEO)
• Corina Oliveira (INTERBOLSA)

A large number of participants joined this successful initiative, which proved to be relevant that INTERBOLSA and Euronext Lisbon continue to organize this kind of initiatives, with meaningful content for their Clients and for the Market.

If you have not had the opportunity to follow or want to review the webinar, you can access the recording at the link, only available in Portuguese.

You can also have access to the presentation of the session, only available in Portuguese.

Updating of the fees charged by Euronext Securities Porto, to Financial Intermediaries and Issuers, as from 1 January 2023.

The consequences of the pandemic and the Russian invasion of Ukraine have prompted an inflationary spiral that has been taking place in Western countries, including Portugal. In the course of 2022, the inflation rate has been growing every month, having accelerated since February 2022. If the pandemic had already brought a major shortage of raw materials, the war in Ukraine caused an energy crisis with the consequent increase in energy prices, as well as substantially reducing the global supply of food, with significant global impacts in several areas of activity. The outlook for inflation in Europe and for global economic developments is uncertain, but inflation rates are expected to reach two digits in Europe.

In this geopolitical and economic context of inflationary pressure, Euronext Securities Porto has decided to change the price list to be applied to the services provided to Financial Intermediaries and the price list to be applied to the services provided to Issuers. It should be noted that, since 2005, Euronext Securities Porto has made significant price reductions for both Financial Intermediaries and Issuers. The occasional price increases made since 2005 have essentially affected securities that were exempt from maintenance fees. In 2017, following the price increase communicated by the ECB – European Central Bank, resulting from the use of the T2S platform, Euronext Securities Porto revised and consequently increased the prices related to settlement services.

Euronext Securities Porto continues to invest in updating its technology and in the talent of its human resources to support the needs of its clients, in addition to maintaining high levels of investment to face operational changes resulting from new regulations with an impact on Euronext Securities Porto’s activity and from European projects, namely those led by the ECB. In this context, it should be noted that, in the recent past, Euronext Securities Porto decided not to burden the Portuguese market by adapting its systems (which was substantial) to implement Settlement Discipline in the Portuguese market, as it was done by other European CSDs.

Throughout 2022, Euronext Securities Porto absorbed the increased costs (of suppliers, energy, and equipment), but due to the current economic and inflationary environment, it became necessary to share a portion of these cost increases with our clients.

Therefore, from 1 January 2023, the commissions charged by Euronext Securities Porto will be updated by 5.9%, which is well below the inflation rate forecast by the Portuguese government and international entities.

It was also decided not to increase the commissions on some products or services, such as:

• settlement of OTC instructions;
• maintenance and subscription / redemption of funds
• identification of holders and,
• T2S information.