{"data":{"id":"us/31-cfr-363.4","jurisdiction":"us","citation":"31 CFR 363.4","heading":"How is TreasuryDirect® different from the Legacy Treasury Direct® system and the commercial book-entry system?","body":"(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.\n(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.\n(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).","path":["Title 31—Money and Finance: Treasury","Subtitle B—Regulations Relating to Money and Finance","CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY","SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE","PART 363—REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT","Subpart A—General"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-31.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:25Z","sha256":"c4853b6fbfc9a9e9fff5343216bd7624404514e763757366f4b07b98f41c133b","source_id":"us-cfr","stale":true,"prev":"us/31-cfr-363.3","next":"us/31-cfr-363.5"},"notice":"GroundRules: Original legal text. Not legal advice."}