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Market Passport

Portugal

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Market information

Supporting you

Key market information

  • Local currency

    Euro
    (EUR)

  • 2017 GDP

    USD
    218bn

  • Time zone

    GMT

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    PSI 20

Key market figures (Euronext total)

Market capitalisation USD 4,393bn
Number of listed companies 1,255
2017 value of share trading USD 2,774bn
Number of ETFs listed 804
2017 value of bonds trading USD 8.1bn
Number of bonds listed 5,659
Number of futures contracts traded in 2017 0.39m
Number of options contracts traded in 2017 70.08m

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives
Main trading venue Euronext Euronext Euronext Euronext
Main clearing venue LCH SA LCH SA LCH SA LCH SA
Settlement and custody Interbolsa Interbolsa Interbolsa n/a
Cash leg Central bank (TARGET2) Central bank (TARGET2) Central bank (TARGET2) n/a

Local market authorities and regulators

  • The Bank of Portugal regulates and supervises credit institutions, financial companies and payment institutions
  • The Comissão do Mercado de Valores Mobiliários (CMVM) is the entity supervising and regulating securities and other financial instruments markets, as well as the activity of all those who operate within these markets

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities DVP 3.00pm
FoP 5.00pm
Bonds DVP 3.00pm
FoP 5.00pm
Cash 4.00pm
 
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling Yes (naked short selling forbidden)
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits No
Derivatives
Settlement Cash and physical
Trading cut-off 5.35pm
Clearing cut-off 7.30pm, 8.00pm on expiry day
Tradable currencies EUR
Account structure members Segregated and omnibus
Account structure non-members Segregated and omnibus
Give-up Yes
Give-up cut-off T+5
Adjustable ITM (In The Money minimum) No
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits
  • Up to EUR 100,000 trade value: EUR 2.00
  • Over EUR 100,000 trade value: EUR 25.00
Example of market penalties (LCH.Clearnet SA)

Fail penalty fees (not applicable to non-guaranteed postings)

  • A fixed fee of EUR 15, plus
  • A variable fee (EONIA-based rate + 1%)/360 x amount

The invoicing of penalties applies per open business day on each fail per ISIN code, per Delivery Account (all settlement dates aggregated) and per Clearing Member.

Buy-in practice (LCH.Clearnet SA) (not applicable to non-guaranteed postings)

A fee of EUR 150 is charged for each buy-in process initiated by LCH.Clearnet SA in addition to any amount due to meet the cost of purchasing the securities.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Portugal

We have been operating in Portugal since 1999. In 2008, we have established in Lisbon an international operations centre, evidencing our strong commitment to the Portuguese market.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, cash and collateral management and proxy services.

Market-specific

  • Financing and fail coverage
  • Custody+ to facilitate the management of final investor accounts by our clients, offering features that cannot be provided at an omnibus level
  • Corporate trust services for issuers

What makes us different

  • Leading position on Euronext markets
  • Close working relationships with market infrastructure and regulators
  • Commitment to the development of the post-trading environment: we have led the Portuguese Securities Market Clearing and Custody Committee for ten years

Selected market recognition

  • Global Custodian Leaders in Custody Awards (2018): Leading Client Award Western Europe
  • Global Custodian Agent Banks in Major Markets Survey (2017): Market outperformer in Portugal

A sound partner

BNP Paribas Securities Services, with its historical presence since 1999, is a premier service provider in the Portuguese market. The Lisbon International operations centre, established in 2008, supports 14 BNP Paribas Securities Services locations and their clients.

Contact

For more information, please contact your relationship manager or
Fabrice Segui, Head of Location
fabrice.segui@bnpparibas.com

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