Market Best Practices for Portugal: Interbolsa and PEXsettle

For instructions settling under Interbolsa:

• Country: PORTUGAL - PT
• Method: CAMBIUM - Interbolsa
• Security (one of the following):
  • EQU - Equities
  • COB - Corporate Bonds (for any corporate fixed income)
  • TRY - Treasuries (for any government fixed income)
  • MSC - Miscellaneous

When you use these combinations, ALERT automatically populates the PSET field with the BIC of the associated depository in Portugal.

For instructions settling under PEXsettle:

• Country: Portugal - PT
• Method: PEXSETTLE - PEXsettle
• Security (one of the following):
  • EQU - Equities
  • COB - Corporate Bonds (for any corporate fixed income)
  • TRY - Treasuries (for any government fixed income)
  • MSC - Miscellaneous

When you use these combinations, ALERT automatically populates the PSET field with the BIC of the associated depository in Portugal.

Note

For GC Direct Account maintenance, DTCC recommends maintaining a minimum of three basic security types for each market: Equity (EQU); Fixed Income (COB); and Government Bonds (TRY). To enable faster onboarding, you can align with your custodian on security types in preparation for GC Direct onboarding. Check with you custodian if other security types, such as Money Market (MMT), are supported.

The next figure shows the settlement-chain scenarios for investment managers when settling in Interbolsa or PEXsettle.

Settlement Chain Scenarios for Portugal

The next table lists the fields for settling in Portugal whether the depository is Interbolsa or PEXsettle.

Fields for Settling in Portugal (Interbolsa or PEXsettle)

Field	Requirement	Definition
Depository/Clearing/Settlement Agency Data
PSET BIC	Mandatory	BIC of Interbolsa or PEXsettle.
A/C# @ Depository (ID1)	Recommended	Membership number in either Interbolsa or PEXsettle.
NIF# (ID2)	Recommended	Numero de Identificacao Fiscal or tax identification number in Portugal.
Settlement Party Data: Local Clearing Agent Data
A/C# @ Local Agent	Mandatory	Account number of the global custodian at the local agent.
Local Agent BIC	Mandatory	BIC of the global custodian or local agent who has membership at Interbolsa/PEXsettle.
Settlement Party Data: Security/Cash Correspondent (Intermediary)
Correspondent Security A/C#	Recommended	Account number of the global custodian at the intermediary.
Relationship	Recommended	In ALERT, select Local Agent when setting up three levels of clearing.
Correspondent BIC	Recommended	BIC of the intermediary.
Settlement Party Data: Custodian Data
A/C# @ Global Custodian1 Settlement notification clients in CTM: When the instruction is one level of clearing, reference the fund account number twice in the instruction. Populate the A/C# @ Global Custodian and A/C# @ Local Agent with the account number.	Recommended/mandatory for settlement notification in CTM	Account number of the fund at the global custodian.
Custodian BIC2 Settlement notification clients in CTM: Provide the Custodian BIC when the settlement instruction has either two or three levels of clearing.	Recommended	BIC of the global custodian.
Institution/Executing Broker Data
Institution/Executing Broker BIC	Recommended/mandatory for settlement in T2S markets	BIC of the instructing party.

The next figure shows an example of an investment manager's (investment managers and those acting OBO an investment manager (global custodians, regional custodians, and trustees)) instruction on ALERT's web interface when settling in Interbolsa.

Example Screen from the ALERT Platform's Web Interface: Interbolsa