---
kind: "section"
citation: "31 C.F.R. § 363.4"
title: "31"
number: "363.4"
heading: "How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?"
url: "https://uscodex.org/cfr/31/363.4"
---

# §363.4. How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?

- (a) **TreasuryDirect.** TreasuryDirect is a book-entry, online system maintained by Treasury for purchasing, holding and conducting permitted transactions in eligible Treasury securities in electronic form as a computer record on the books of Treasury. TreasuryDirect currently provides for the purchase and holding of eligible book-entry savings bonds, zero-percent certificates of indebtedness, and eligible marketable Treasury securities.
- (b) **Legacy Treasury Direct.** The Legacy Treasury Direct system is a non-Internet-based book-entry system maintained by Treasury for holding and conducting permitted transactions in eligible marketable Treasury securities as book-entry products. The terms and conditions for the Legacy Treasury Direct system are found at [31 CFR part 357](/cfr/31/part357.md), subpart C.
- (c) **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. The regulations governing the commercial book-entry system are found at [31 CFR part 357](/cfr/31/part357.md), [subpart B](/cfr/31/subpartB.md), and may be referred to in that part as Treasury/Reserve Automated Debt Entry System (TRADES).

## Notes

### Amendments

[70 FR 57442, Sept. 30, 2005, as amended at 76 FR 18064, Apr. 1, 2011]

### Authority

Authority: 5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102, et seq.; 31 U.S.C. 3121, et seq.

### Source

Source: 67 FR 64286, Oct. 17, 2002, unless otherwise noted.

### Amendments

[70 FR 57442, Sept. 30, 2005, as amended at 76 FR 18064, Apr. 1, 2011]