TKD system 3.1. The TKD system provides real time gross settlement using the central bank's national Clearing Centre for payments. In accordance with Securities Act, only book-entry instrument with maturities of up to 1 year may be registered there. The TKD is based on the membership principle and only members with securities accounts may purchase T-bills. The members are divided into agents equipped with terminals for on-line communication with TKD centre, and clients who may keep a securities account within the TKD system.
Clients have standard access to their securities account only via agents.
The TKD system was intended to guarantee a wholesale market of T-bills. Although there are not any formal restriction for membership, the CNB discourages smaller investors through relatively high initial and maintenance fees.