he authors consider the importance of the interbank settlement system in the Czech Republic -the CERTISsystem (Czech Express Real Time Interbank Gross Settlement system),(hereinafter referred to as “CERTIS”), which also serves for the settlementof operations oncapital and/or money market. As this market is very wide, the authors attempt to prove itsfactual significance in the settlement of short-term bond operations, i.e. with a maturity of upto one year. The aim ofthe paper is to verify the validity of the following hypotheses, whichare defined as follows: “CERTIS is fast and reliable and therefore has an irreplaceable positionfor clearing capital market operations” and the hypothesis “Short-term bond system representsmin. 5% of the volume of the cleared CERTIS payment transactions'. The authors proceed fromthe literature search and use scientific methods, which are description, analysis and last but notleast also deduction.