> ## Documentation Index
> Fetch the complete documentation index at: https://docs.lerian.studio/llms.txt
> Use this file to discover all available pages before exploring further.

# Market infrastructure journeys

> Treasury and securities journeys in Selic and B3, which are not Lerian products, and the rule that their manuals prevail.

These journeys run in Selic and in B3. Lerian does not offer messaging for these infrastructures. The pages are here because credit and treasury journeys depend on them: collateral in federal bonds, repos, and cash settled through STR. These journeys are in construction.

## The manual prevails

***

* **Source.** The official manuals of BACEN and of the market infrastructures (Núclea, B3, Selic) define each message, its fields and its cut-off times. A manual does not define the order between messages, so the order shown here is a suggested reading.
* **Conflicts.** If this site and a manual disagree, the manual prevails.
* **Responsibility.** Your institution is the participant. It validates each flow against the manuals in force and decides how to apply it to its operation.
* **Support.** Lerian supports its own products and APIs. Advice on applying the manuals to your operation is a separate service: Lerian offers workshops and consulting by proposal. Contact your Lerian account team.

## Journeys

***

**Treasury and liquidity**

* [Buy and sell federal bonds](/en/diagrams/market-infrastructures/buy-and-sell-federal-bonds): How an outright trade in federal government bonds settles in Selic, cash through STR first and custody after.
* [Repurchase agreements](/en/diagrams/market-infrastructures/repurchase-agreements): How a repo runs its start and return legs in Selic and in B3.
* [Buy bonds in a public offering](/en/diagrams/market-infrastructures/public-offerings): How a winning bid in a federal bond auction settles in Selic.
* [Liquidity and rediscount](/en/diagrams/market-infrastructures/liquidity-and-rediscount): How an eligible institution gets and repays liquidity in its PI account, and how a rediscount reaches Selic.

**Private securities and funds**

* [Issue and place fixed income](/en/diagrams/market-infrastructures/issue-and-place-fixed-income): How an instrument is registered, issued and placed with investors in B3.
* [Buy and sell private securities](/en/diagrams/market-infrastructures/buy-and-sell-private-securities): How an outright trade in a private security registers and settles in B3.
* [Interest, amortization and redemption](/en/diagrams/market-infrastructures/payment-events): How interest, amortization, maturity and redemption reach the holder in Selic and in B3.
* [Subscribe and redeem fund quotas](/en/diagrams/market-infrastructures/fund-quotas): How a subscription or redemption in an open-ended fund registers, gets confirmed and settles in B3.
* [Transfer custody and pledge collateral](/en/diagrams/market-infrastructures/custody-transfer-and-collateral): How securities move between accounts without payment, and how they are linked or blocked as collateral, in Selic and in B3.

**Settlement and operation**

* [Financial settlement paths](/en/diagrams/market-infrastructures/financial-settlement-paths): The gross and multilateral paths that move the cash of a B3 operation through STR, and how Selic settles cash.
* [Cancel, refund and recover](/en/diagrams/market-infrastructures/cancel-return-and-recover): How to recover a lost response, cancel an operation and receive a refund in B3.
* [Position and reconciliation](/en/diagrams/market-infrastructures/position-and-reconciliation): The B3 queries and notices that let your institution reconcile operations, positions and cash.


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