Ministry of Finance – Treasury
Auction Platform system
Source: Ministry of Finance -Treasury
Government securities (treasury bills and bonds) are issued by the Republic of Serbia and sold via auctions, using the Auction Platform System of the Treasury Administration. Auctions are usually organized twice a week (on working days). The public call for an auction is sent to authorized participants (who, on their behalf, or on behalf of other investors purchase securities) three days prior to the auction, whereas the auction has to be registered one day prior to its holding with the Central Securities Depository and Clearing House (performing clearing and settlement). The auction type used is primary sale, with method of single price. Government securities are divided into Treasury bills and bonds. Treasury bills may have a maturity of up to one year (3 months and 6 months) and longer than a year (53 weeks, 18 months, 24 months), whereas bonds have longer maturity than 2 years. Securities having the maturity of up to one year are called short – term securities, whereas securities having the maturity of over one year are called long-term securities. As for short – term securities, the settlement is performed on the same day of the holding of an auction, whereas as for the long – term securities, the settlement is performed two days following an auction (T+2).