user guide on electronic access and direct …

USER GUIDE ON ELECTRONIC ACCESS AND DIRECT PARTICIPATION IN THE AUCTION

OF TREASURY BILLS

Version 1.1

Podgorica, January 2015

User Guide – Auction Platform

https://eportal.cbcg.me 2

1. General notes

Auction Platform is a constituent part of the information system of the Central Bank of Montenegro

(CBCG) and provides support for the primary sale of Treasury bills (T-bills) through electronic access and direct

participation in the auction of treasury bills.

The Auction Platform may be accessed through the CBCG Portal available at the address

https://eportal.cbcg.me.

The Portal is tested for Internet Explorer – versions 8, 9, 10 and 11. The system works on Java versions

1.7 Update 21 and latest. Recommended version is Java 1.7 Update 72.

In Control Panel Java Advanced, mark only options Use SSL3.0 and USE TLS1, as Figure 1 shows.

Figure 1 – Java Control Panel

In Internet options Advanced, mark only options Use SSL3.0 and USE TLS1.0, as Figure 2 shows.

https://eportal.cbcg.me/




Figure 2 – Internet options

2. Access to Portal

To access the Auction Platform, it is necessary to have the certificate issued by Pošta Crne Gore (Post of

Montenegro) on personal name (natural persons), or on the name of legal person that had authorised you. In

addition to the certificate, it is necessary to complete the access form which is given as Annex to this User Guide

(Annex 1).

You have to install the certificate on the computer from which you will be accessing the portal, following the

instructions from the qualified certification body.

To check whether the installation was successful, run Internet Explorer, click on Tools and select Internet

Options.




Figure 3 – Internet options

Click on Content tab, then on Certificates.

Figure 4 – List of certificates

The list should contain the certificate issued by Pošta Crne Gore (PostaCG CA).




Enter the address https://eportal.cbcg.me into internet explorer. You will access the CBCG Portal using

the digital certificate (Figure 5).

Figure 5 – A token containing digital certificate

After inserting the certificate into USB port of the computer and typing the address into Web browser, the

window will appear requiring you to confirm the certificate (Figure 6). Click OK.

Figure 6 – Certificate confirmation

After that, enter the password for the certificate and click on OK (Figure 12), after which the window for

certificate confirmation will appear.

Figure 7 – Entering of password (bound to digital certificate)



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After the authentication, you will access the user registration page (if you have not registered so far), or

the login page if you are already registered.

3. Registration of users

To register, fill in the following data into the registration form (Figure 8):

o Srednje ime (Middle name) o Email adresu (E-mail address) o Matični broj (ID number) o Lozinka i potvrda lozinke (Password and Confirm password)

The Password has to meet the following rules:

o Minimum number of characters = 8 o Maximum number of characters = 20 o Minimum number of numerical characters = 1 o Minimum number of capital letters = 1 o Minimum number of small letters =1

o Minimum number of special characters = 1 ($#@%)

After entering all required data, click on the button Registracija (Registration), after which the login page

opens.

During the registration of users, the qualified certified body checks the certificate (Pošta CG) and the ID

number. The certificate is accepted only if the response that the certificate is issued to the person (i.e. the

person with that personal number) is affirmative.

Figure 8 – Registration of users

Notes:

o If the certificate is registered to a natural person, the user will be able to access the Auction

platform after logging.

o If the certificate is registered to a legal entity, in addition to the successful registration of the

user, it is necessary to submit the access form attached to this manual (Annex 1) to the IT

Department. The form defines four user groups (A, B, C, D). The first three groups (A, B, C) are

users with authorised overview of all bids within these groups. Thus, group A users cannot see




user bids from groups B and C, etc. The fourth group - Group D - are users who may see only the

offers they have submitted. These rights are defined within a single legal entity. Upon approval

and execution of the request, the user will be able to access certain application modules for

privileges have been granted.

o If there is need to cancel privileges for accessing the Auction platform to some of existing users,

a written request has to be submitted to the IT Department for the canceling privileges to the

system user.

4. User login

Figure 9 –User login

On this page, you have to enter the password you selected during registration. Click on Prijavi se (Login)

button will open the front page of the application (Figure 16), where you need to select the option: Aukcija

državnih zapisa (Auction of T- bills). After that, the following page appears (Figure 10).

Figure 10 – Front page




On this page, you may choose one of the following options:

o Overview of current auctions - enables an overview of auctions and submission of bids;

o Overview of bids – enables an overview of all entered and submitted bids by the same user who is registered with the system (if the user has a certificate of a natural person), or an overview of all bids of a particular legal entity within defined user groups (if the user has a certificate of a legal entity);

o Auction Archive – enables an overview of the results of completed auctions of T-bills since the Auction platform was introduced

NOTE:

If you forgot password, you can reset it and select new password by clicking on hyperlink Zaboravili ste

lozinku? (Forgotten password) (Figure 9). After that, the page as shown in Figure 11 opens, where you have to

enter the following data:

o Email adresu (E-mail address) – used when registering o Matični broj (identification number) o Novu lozinku (new password) o Potvrdu lozinke (confirm password)

After entering all necessary data, you will get information that the password was successfully changed,

after which you can login to the system.

Figure 11 – Resetting password

You can log off from the system by clicking Odjavi se (log off) in the upper right corner of the page.

5. Password change

After logging in to the system, select the option Korisnik –> Promjena lozinke (User –> Password change)

in the menu opens the page as shown in Figure 12, where you have to enter the following data:

o Staru lozinku (old password) o Novu lozinku (new password) o Potvrdu nove lozinke (Confirm new password)

If the user successfully entered all required data, it will get information that the password was

successfully changed, and that it will be able to use new password for each next logging in on the system.




Figure 12 – Password change

6. Pregled aktuelnih aukcija (Current auctions)

Selecting the Current auctions option opens the page opens (Figure 13) where we can see the basic

information about the auctions that are open for the submission of bids.

Figure 13 – Overview of current auctions




If you want to submit a bid for some of the offered auctions, it is enough to select this auction and click on

the button Dostavi ponudu (Submit bid), after which the page opens (Figure 14), where you have to complete

the bid submission form.

Figure 14 – bid submission form

This form has several sections:

Podaci o aukciji (Auction information) – This section contains basic information on the auction of T-bills

for which we decided to submit the offer (auction method, ISIN number, maturity, auction date,

settlement date, maturity date, total amount of issue, number of account on which the funds should be

paid based on guarantees and fees, etc.). In this section, the user has an overview of the basic auction

information.

Podaci o ponuđaču/zastupniku (Information on bidder/agent) – The user completes the basic data about

the bidder participating in the auction (registration number of the bidder with the Central Depository

Agency (CDA)). If the bidder submits the offer through the agent, in addition to the already entered

registration number of the agent (field - registarski broj ponuđača kod CDA (registration number of the

bidder with the CDA)), enter the number of the custody/deposit account of the client with the CDA and

the field for uploading the contract of agency that has to be in the PDF format.




Broj računa sa kojeg se vrši uplata sredstava (Account Number from which the Payment is Made) – The

user enters the account number from which the funds on the basis of the guarantee and compensations

will be paid. The user account number can be entered into several possible formats (e.g.

907000000008310110, 907-83101-10, 9078310110). If there is a need for payment, the funds will be

paid to the user to this account.

Konkurentne ponude (Competitive bids) - This part is completed only if the user wants to submit

competitive bid. The information to be completed include Iznos ponude (Bid amount) and Ponudjena

diskontna stopa (Offered discount rate), while data on Broj zapisa (Number of records) and Kupovnoj

cijeni (Purchase Price) is automatically calculated based on the previously entered data. The bidder may

submit a maximum of 5 competitive bids.

Nekonkurentna ponuda – (Non-competitive bid) - This part is completed if the user wants to submit a

non-competitive offer. The information to be completed includes the Bid amount, after which the data

on Number of records is automatically calculated. The bidder may submit only one non-competitive

offer which maximum amount of the nominal value may not exceed 50,000 euro.

Izjava o načinu plaćanja (Statement on payment method) - Bidders who already have T-bills maturing on

the auction settlement date, to which they submit bids, authorize the CBCG to use the mature amount

of records as a guarantee. If the T-bills do not mature to the bidder on that date, this statement will not

be taken into consideration.

Napomene (Notes) - In this section, the user does not enter any information, but gets information on the

conditions that are obligatory to participate in the auction, and on the amount of the guarantee and fee

to be paid to the liquidity account of the Ministry of Finance based on submitted bids. If the bidder has

authorized the CBCG to use the due amount of the record with the Statement on payment method, it is

obliged to pay only the fee for participating in the auction. Otherwise, it will have to pay the full amount

specified in the Ukupno za uplatu (Total for payment) field.

After entering the given data, click on the Sačuvaj podatke (Save data) button after which all the

elements of the bid are validated in accordance with the Guidelines on the procedure for issuance and means of

selling treasury bills. If any element of the offer is not valid, the user will receive a notice, and such a bid will be

rejected and not entered into the system. If the data have been successfully entered into the system, by clicking

on Potpiši i pošalji ponudu (Sign and send bid), the user continues the process of submitting the offer.

Note: The Bidder who want to submit competitive and non-competitive bid, does it on the same for.

If the user chose to complete the whole bid submission process (by clicking on the Sign and send bid

button), the page will appear (Figure 15), where again all data that the user previously entered into the system

will be displayed again.




Figure 15 – Signing the bid

On this page, the user needs to verify that he has correctly entered all the information about the bid he

wants to submit. If the data is entered correctly, the user selects a certificate (from the drop-down menu) to sign

the request, after which click on the Sign button. If the offer is timely submitted, the user will receive a notice as

in Figure 16. Only the bids signed in this way will enter the ranking process.

If the user has made a mistake when entering one of the elements of the bid, the user needs to click on

the Pregled ponuda (Overview of Bids) button, after which the user gets an overview of all the bids he has

entered into the system. The user identifies the bid to be modified (usually it is the first in the bids list and has

the status “UNESENA” (ENTERED), selects it and clicks on Overview of Bids button. This opens the page where it

is possible to make the changes.




Figure 16 – Notification of successful participation in the auction

7. Overview of Bids

Selecting the Overview of Bids option opens the page (Figure 17) where you can see the basic information

about the offers entered by the user logged into the system (if the certificate reads to a natural person), and/or

offers entered by all users whose certificate reads to a certain legal entity within the defined user groups (if the

registered user's certificate reads to a legal entity).

Figure 17 – Overview of all entered bids




On this page, the user may see an overview of basic information about the bids entered into the system:

o Registration number of the bidder with the CDA

o The number of custody/deposit accounts with the CDA (in the case of submitting a bid through a

agent)

o ISIN number of the auction to which the offer applies

o Auction maturity to which the offer applies

o The date of the settlement of the auction to which the offer relates

o The auction maturity date to which the offer relates

o Bid status - with three possible values:

o “UNESENA” (ENTERED) - The bid is entered into the system, but not signed. Such offers are not included in the ranking process until they are signed.

o “POTVRDJENA” (CONFIRMED) - The bid is signed with a digital signature. Such bids will enter the ranking process.

o “ZAPISI REGISTROVANI KOD CDA” (RECORDS REGISTERED WITH THE CDA) - Upon the completion of the auction, the purchased amount of T-bills is registered with the CDA on behalf of the buyer.

If you want to view each individual bid, clicking on Overview of Bids button opens different pages

depending on the bid status:

o If the status of the selected offer is “Entered”, click on this button will open the page for editing the

appropriate bid (Figure 18) - after which the user may digitally sign and submit the bid.

o If the status of the selected offer is “CONFIRMED” or “RECORDS REGISTERED WITH THE CDA”, click

on this button will open a page for reviewing the already submitted bid (Figure 19).

Figure 18 – Overview and editing of already entered data on bid




Figure 19 – Overview of data on entered and submitted bid

By clicking the Rezultati (Results) buttons, the user gets access to the instruction for payment of funds at

the end of the auction (Figure 20), with all necessary information on his score at the auction (on all submitted

bids for the selected bidder), and the amount of funds to be paid to become the owner of the record, or how

much it should be paid to the user if he had unsuccessful participation in the auction.




Figure 20 – Instructions for payment of funds

This page shows the following information:

o Registration number and name of the bidder who participated in the T-bills auction

o Auction results for all submitted bids - both competitive and non-competitive

o Nominal value of all accepted bids for this bidder

o Number of T-bills to be purchased

o Discounted value (purchase price) of all accepted bids

o Amount paid - This field shows the total amount the bidder has on the liquidity account of the

Ministry of Finance. Therefore, if the bidder has paid the guarantee and the fee for participation in

the auction, this field will indicate the sum of these amounts. If the bidder paid only the fee for

participation in the auction, and the bills were due on the settlement date and it authorised the

CBCG to use the due amount of the record with the Statement on payment method, this field will

be the sum of the due records and the paid fees.

o Calculated fee - sum of calculated fees for all accepted bids

o Fee reimbursement - the amount of the fee that is returned to the bidder for the unsuccessful

participation in the auction;

o Amount of funds to be paid - This field shows the total amount the bidder is obliged to pay within

the deadline set in the public invitation. This amount is obtained by deducting the already paid

amount minus the calculated and refunded fee from the purchase price of all accepted bids. If the

amount in this field is negative - the user will be paid the appropriate amount of funds.

o Account number to which the payment is made - the funds have to be paid to this account. The

deadline for payment of funds is set out in public invitation. The payment must be made from the

account indicated in the bid that was submitted.




8. Auctions archive

Selecting the Arhiva aukcija (Auction archive) option opens the page with the overview of completed

auctions (since the Auction platform was introduced) (Figure 21) .

Figure 21 – Overview of completed auctions

If you want to see the results of any of the completed auctions, select this auction and click on the

Rezultati aukcije (Auction results) button, after which the page will appear showing the summary results of the

auction (Figure 22).

Figure 22– Auction results


Annex 1

_____________________________ Legal person’s stamp

APPLICATION OF PERSON

AUTHORISED TO ACCESS THE AUCTION PLATFORM

___________________________________________________________________ (full name of legal person from the registration certificate of CRBE)

Legal person’s identification number: ______________________________ User group ______ Person authorised to access the Auction Platform:

Name and surname:____________________________________________ Phone and fax no.: _______________________________ E-mail address: _____________________________ Authorised person’s signature: ______________________

Place and date: __________________________

_____________________ Seal and signature of person

authorised to represent the legal person

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