Author: Daniel Silva

Taking into account the current geopolitical and economic context, Euronext Securities Porto has decided to adjust 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, in order to cope with the increase in costs caused by inflation which, according to the latest information from the Bank of Portugal and international organisations, is estimated to exceed 3.5% in 2024.

Therefore, as of 1 January 2024, the fees charged by Euronext Securities Porto will be updated by 2.7%, which is below the forecast inflation rate. Euronext Securities Porto will continue to internalise part of the increase in costs caused by the effect of inflationary pressure in Portugal.

It was also decided to change the following fees:

• the family discount is increased from 5% to 7.5% for a total annual volume of settlement instructions carried out in T2S exceeding 12 million. Euronext Securities Porto created, in July 202, a family discount with the aim of encouraging direct participation by financial intermediaries in the 4 CSDs of Euronext Group.
• the minimum maintenance is increased from €105,90 to 200,00€ per year. This fee is charged whenever the monthly maintenance fees do not fulfil the minimum annual maintenance fee established.
• with the aim of encouraging issuers of securities issued in certificates form to convert these securities into book-entry securities, the special management fee for certificates securities was increased from €0.26 to €0.325.

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, as well as maintaining high levels of investment to cope with operational changes resulting from new regulations and European projects, particularly those led by the ECB, with an impact on Euronext Securities Porto’s activity.

Euronext Securities Porto has decided to change the fee book to be applied to the services provided to Financial Intermediaries and to the Issuers, assuming as main objective the promotion and development of the Portuguese capital market, while aligning the quality of some specific services to the price charged.

Additional information about the Fee Book changes.

INTERBOLSA obtained on October 28, 2019 the certification on the full compliance with ISO 27001:2013 standard requirements, with respect to the Information Security Management System in the following scope:

• Market settlement instructions;

• OTC settlement instructions, including DVP in EURO and FOP instructions.

ISO 27001 is the international standard, of reference, related to Information Security Management Systems composed of a set of requirements that aim to ensure the adequate risk management inherent to information security.

By obtaining this certification, INTERBOLSA reinforces and guarantees:

• The use of best international practices regarding Information Security Management Systems;
• Data protection, confidentiality, integrity and availability;
• An ongoing commitment to data protection and operational risk management.

On December 23, 2020 a recertification was carried out, valid until October 27, 2022.

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.

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.

RGPD application and repeal of INTERBOLSA circular 1/2001, relating to the Issuer Agent

In accordance with the legislation and regulations in force, INTERBOLSA provides to the issuers, with registered securities, the service related to the identification of securities holders.

As a service provided by law to the issuers, that request the service, the entities involved in the process of collecting, processing, storing and forwarding of personal data (such as shareholders, banks and INTERBOLSA) cannot refuse to provide this service or to provide the necessary information.

However, without prejudice to the above, and taking into account the application of the General Data Protection Regulation (GDPR), which entered into force on May 25, 2018, INTERBOLSA considered to be relevant to include in INTERBOLSA Regulation 1/2016 a specific provision concerning the protection of personal data in order to make transparent and reinforce the transmission to INTERBOLSA of the personal data collected by the financial intermediaries and the treatment of such data by INTERBOLSA in compliance with the applicable legal provisions.

In order to properly accommodate this change, INTERBOLSA added article 17-A to INTERBOLSA Regulation 1/2016, related to the Participants in the systems managed by INTERBOLSA.

The opportunity is also taken to eliminate article 1 (4) of INTERBOLSA Regulation 1/2016, as well as INTERBOLSA Circular 1/2001, related to the Issuer Agent.

Interbolsa amended its price list for Financial Intermediaries following the European Central Bank’s decision to increase prices charged for the settlement and account movement through the TARGET2-Securities platform, effective January 1, 2019.

In the strategy defined by Interbolsa, for the prices to be charged in 2019, it was decided to pass on its prices the cost increase with the T2S platform, updating the prices related to settlement and account movement.

Following the project of links between Interbolsa and other European CSDs, which allow cross-border transfers of debt securities between the participants of these CSDs and Interbolsa participants, the link between INTERBOLSA and Clearstream Banking AG (CBF) is in the test phase. Therefore, the prices to be charged for the maintenance of the securities registered in the CBF in the Interbolsa participants’ accounts have already been defined. The following changes were made to Financial Intermediaries’ Fee Books:

Addition of a new paragraph to point 5.1, defining the rules for the application of maintenance fees for debt securities registered in CBF;

Inclusion of Table 6 to point 5.1, establishing the annual percentages to be applied for the purpose of calculating the monthly maintenance fee.

With regard to the prices charged to Issuer Entities, Interbolsa’s Board of Directors decided to reduce the prices charged for the registration and cancellation of issues of warrants and certificates with the purpose of increasing the registration of this type of financial instrument in Interbolsa’s systems.

The fees applied to the manual corrections to the exercise of rights in process or already processed have been changed in order to reflect the risk assumed by Interbolsa.

Interbolsa decided to charge the costs of disclosure information to the market, requested by several entities (issuers entities, paying agents, law firms …). The points 8.7 and 6.10 was added in the price lists of Financial Intermediaries and of the Issuers Entities, respectively.

These amendements shall take effect on 1st of january 2019.

Please find the new Fee Books at Fee Books.

Since August 6, 2018, INTERBOLSA allows its participants to hold in their securities accounts debt instruments originally registered at NBB-SSS (Issuer-CSD), through the link with Euroclear France.

In the context of the implementation of Regulation (EU) No. 909/2014 of July 23 (shortly CSDR), Interbolsa amended its regulations to cover:

• The new deadlines adopted for the admission of new participants, through the amendment of Article 8 of the Interbolsa Regulation 1/2016 (see Interbolsa Regulation 2/2018);
• Ao novo regime de segregação de contas contido no artigo 38.º da CSDR, através da alteração do artigo 13.º do Interbolsa Regulation 2/2016 (see Interbolsa Regulation 3/2018).