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

---
identifier: "/us/cfr/t31/s363.4"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "31 CFR § 363.4 - How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?"
title_number: 31
title_name: "Money and Finance: Treasury"
section_number: "363.4"
section_name: "How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?"
chapter_name: "FISCAL SERVICE, DEPARTMENT OF THE TREASURY"
subchapter_number: "A"
subchapter_name: "BUREAU OF THE FISCAL SERVICE"
part_number: "363"
part_name: "REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "5 U.S.C. 301; 12 U.S.C. 391; 31 U.S.C. 3102,  31 U.S.C. 3121,"
regulatory_source: "67 FR 64286, Oct. 17, 2002, unless otherwise noted."
cfr_part: "363"
---


# 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, 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, subpart B, and may be referred to in that part as Treasury/Reserve Automated Debt Entry System (TRADES).

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