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.

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

With the announcement of the acquisition of VP Securities, the Danish Central Securities Depository (CSD), Euronext adds a third CSD to the Group, which already includes the CSDs of Norway and Portugal (INTERBOLSA). This is an important step forward in the accomplishment of Euronext’s strategic goals, namely to build the leading market infrastructure in Europe, and reinforce the Group’s pos-trade business.

It represents good news for Portugal and INTERBOLSA, insofar as the acquisition creates the necessary conditions for the development of new post-trade services, as well as the technological evolution of the CSDs’ platforms, while continuing to provide a set of highly reliable and efficient services to the local ecosystems.

More information here.

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).

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 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:

• 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

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:

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 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 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.

INTEBOLSA offers a new functionality in the Investment Funds System – order routing, allowing Fund Managers to directly confirm/reject the operations of subscription/redemption.

This new feature allows also Custodian/ Settlement Entities to be able to monitor the entire subscription and redemption process, including the financial settlement, whenever it occurs in their cash accounts (DCA).

To properly accommodate this amendment, INTERBOLSA revoked INTERBOLSA Circular 1/2017 and replaced it by INTERBOLSA Circular 1/2019, as well as amended the INTERBOLSA Timetables Notice.