---
kind: "section"
citation: "31 C.F.R. § 357.0"
title: "31"
number: "357.0"
heading: "Book-entry systems."
url: "https://uscodex.org/cfr/31/357.0"
---

# §357.0. Book-entry systems.

- (a) **Treasury securities.** Treasury securities are maintained in one of the following book-entry systems:
  - (1) **Commercial book-entry system.** The commercial book-entry system is the book-entry system in which Treasury securities are held in a tiered system through securities intermediaries such as financial institutions or brokerage firms. A Treasury security is maintained in the commercial book-entry system if it is credited by a Federal Reserve Bank to a Participant's Securities Account. The regulations governing the commercial book-entry system are found at [subpart B](/cfr/31/subpartB.md) of this part, and are referred to as Treasury/Reserve Automated Debt Entry System (TRADES).
  - (2) **Legacy Treasury Direct—** ®. The Legacy Treasury Direct system is a non-Internet-based book-entry system maintained by Treasury for purchasing and holding marketable Treasury securities as book-entry products. A Treasury security is maintained in Legacy Treasury Direct if it is credited to a Legacy Treasury Direct account as described in [§ 357.20](/cfr/31/357.20.md) of this part. Treasury securities are held directly by the Department of the Treasury in accounts maintained in the investor's name. A Legacy Treasury Direct account may be accessed through a designated Federal Reserve Bank or the Bureau of the Fiscal Service. See [subpart C](/cfr/31/subpartC.md) of this part for rules pertaining to Legacy Treasury Direct.
  - (3) **TreasuryDirect—** ®. TreasuryDirect is a book-entry, online system maintained by the Department of the Treasury for purchasing and holding eligible marketable Treasury securities, United States Savings Bonds, and certificates of indebtedness in electronic form as a computer record on the books of Treasury. The regulations governing TreasuryDirect are found at [31 CFR part 363](/cfr/31/part363.md).
- (b) **Transferability between Legacy Treasury Direct and other systems.** A Treasury security maintained in Legacy Treasury Direct may be transferred to an account in TRADES or to an account in TreasuryDirect in accordance with [§ 357.22(a)](/cfr/31/357.22.md?p=a). Securities may not be transferred to Legacy Treasury Direct from other systems.

## Notes

### Amendments

[67 FR 64278, Oct. 17, 2002, as amended at 70 FR 57431, Sept. 30, 2005; 70 FR 57441, Sept. 30, 2005; 76 FR 18063, Apr. 1, 2011]

### Authority

Authority: 31 U.S.C. chapter 31; 5 U.S.C. 301; 12 U.S.C. 391.

### Source

Source: 51 FR 18265, May 16, 1986, unless otherwise noted.

### Amendments

[67 FR 64278, Oct. 17, 2002, as amended at 70 FR 57431, Sept. 30, 2005; 70 FR 57441, Sept. 30, 2005; 76 FR 18063, Apr. 1, 2011]