Market infrastructure - Portugal


Institutions and organisation

Stock Exchange - Euronext Lisbon

The Portuguese Stock Exchange is a wholly owned subsidiary of Euronext, the European stock exchange for Belgium, France, The Netherlands and Portugal. The Portuguese location of Euronext manages Portuguese corporate bonds, equities and exchange traded products.

CSD - CVM (Central de Valores Mobiliários)

CVM handles the clearing and settlement of Portuguese securities. CVM is managed by Interbolsa and operates two settlement systems:

  • LIST (for local stock exchange trades between local custodians and brokers); and
  • SLrt (for over-the-counter (OTC) trades).

Central Securities Depository (CSD) - Interbolsa

Interbolsa (Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A.) is a joint stock company, entirely owned by Euronext Lisbon, whose purpose is the management of securities settlement systems and central securities depository systems and whose mission is:

  • To provide infrastructures and highest quality services to all participants in the securities market, namely the financial intermediaries and issuer companies, that will fulfil all the needs of the market with efficiency, safety and confidence;
  • To render services for settlement, issue registration, deposit and safekeeping of securities according to the best international practices;
  • To follow a strategy focused on the continuous improvement of its products and services according to customer needs;
  • To engage continuously with rigour and professionalism in the development and efficiency of the capital market, namely in what concerns the areas of settlement and custody;
  • To contribute to the development of the capital market by creating competitive conditions, reducing systemic risks and protecting the rights of the investors and other entities involved with the capital market.

To fulfil its mission, Interbolsa carries out a wide range of activities related to the delivery of superior quality products and services concentrated in the following three main areas:

Interbolsa is responsible for the organisation and management of the settlement systems of securities in order to ensure the money transfers associated with the transfers of securities or inherent rights and with guarantees regarding operations over securities.

Hence, the settlement systems managed by Interbolsa perform:

  • Settlement of operations done in regulated or non-regulated market;
  • Settlement of Over-The-Counter (OTC) operations between the participants in Interbolsa's settlement system and directly instructed by the participants;
  • Settlement of operations resulting from securities lending operations through the Securities Lending Management System (Sistema de Gestão de Empréstimo - SGE);
  • Settlement of free of payment (FOP) transfers;
  • Financial settlement regarding the exercise of rights inherent to the securities registered or deposited in the CSD;
  • Calculation of the corresponding financial settlement and sending of the payment instructions to Banco de Portugal (TARGET2) or to Caixa Geral de Depósitos (SPME), depending on whether the payment is in euro or in non-euro currency.

Participants in the settlement systems are the financial intermediaries affiliated to Interbolsathat ensure the physical and financial settlement of the operations carried out in a market, regulated or not, as well as the operations done off-market.


MEDIP - a special market for public debt - offers specialists in Portuguese Treasury debt a highly liquid, transparent and efficient wholesale trading environment. MEDIP is managed by MTS-Portugal.

Banco de Portugal

Banco de Portugal is the Portuguese central bank and handles cash clearance.

CCP - LCH.Clearnet SA

LCH.Clearnet SA acts as clearing house and central counterparty of the operations conducted in the markets of the NYSE/Euronext group, including Euronext Lisbon, in spot and derivative markets. In the performance of its tasks as clearing house and central counterparty, LCH.Clearnet SA ensures the registration, clearing, settlement, collateralisation and risk control of the operations conducted in Euronext Lisbon.

Regulatory structure

Comissão do Mercado de Valores Mobiliários (CMVM)

CMVM is the primary regulator of the Portuguese securities market. It was established by Decree-Law 142-A/91 of 10 April as the authority in charge of supervising and regulating securities and other financial instrument markets, as well as the activity of all those who operate within those markets.

Banco de Portugal

Banco de Portugal has a special supervision power over money market and currency instruments.