• What are the goals?
  • Allow Participants to hold in their securities accounts, securities issued in a foreign Central Securities Depository (CSD);
  • Allow the concentration of the custody of domestic and foreign securities in a single securities account opened at INTERBOLSA.
  • How does it work?

The operation of the links is based on functionalities existing in the TARGET2-Securities (T2S) platform that, through a securities account of INTERBOLSA (called omnibus account) opened in the foreign CSD, and a mirror account created at INTERBOLSA, allow the control of the securities in circulation in Portugal.

The corporate actions of the securities issued in other CSDs are processed by the respective CSD. INTERBOLSA ensures the redistribution to its Participants of the cash and/or securities resulting from the corporate actions.

  • What do these links allow?

Settlement of cross-CSD transactions


Settlement of domestic operations (intra-CSD)

Corporate actions
(Corporate Actions on Stock and on Flow)

INTERBOLSA has established the following links with other CSDs:

INTERBOLSA as INVESTOR CSD

  • Link with Clearstream Banking AG

INTERBOLSA allows its Participants to hold in their securities accounts debt instruments primarily registered in Clearstream Banking AG systems (since November 2, 2020)

  • Relayed Link with NBB-SSS

INTERBOLSA allows its Participants to hold in their securities accounts debt instruments primarily registered in NBB-SSS systems, through the link with Euroclear France (since August 6, 2018).

  • Link with Euroclear France and Euroclear Nederland

INTERBOLSA allows its Participants to hold in their securities accounts debt instruments primarily registered in Euroclear France and Euroclear Nederland systems (since February 19, 2018).

INTERBOLSA as ISSUER CSD

  • Link with Clearstream Banking AG (CBF)

INTERBOLSA allows Clearstream Banking AG (CBF) to hold, through this CSD direct link, securities primarily registered in INTERBOLSA’s systems (since December 14, 2020).
The relayed link with LUXCSD, through Clearstream Banking AG (CBF), allows LUXCSD to hold securities primarily registered in INTERBOLSA systems (since December 14, 2020).

  • Link with IBERCLEAR

INTERBOLSA allows IBERCLEAR to hold, through this CSD link, securities primarily registered in INTERBOLSA’s systems (since March 25, 2019).