The Securities Settlement System (NBB-SSS)

Contents

News

COVID-19:

The NBB-SSS have decided to waive the regular “Handling charges” for all new Service contracts according to NBB-SSS Terms & conditions Annexes Annex 19.1 in order to support new issuances and economic resilience in this time of need. The NBB-SSS will not charge the regular handling charges until 30/6/2021.

In addition, the NBB-SSS will not charge any of all “Issuance fees” of Annex 19.1 indefinitely for Green, Social and Sustainability bonds for financing of investments that provide environmental and social benefit. This decision fits in the NBB’s Green Bank policy.

Introduction

This system enables the processing of transactions on both the primary market (on which new securities are issued) and the secondary market (on which financial instruments already in circulation are exchanged). The total outstanding amount held on account is comprised mainly of securities issued by the Belgian Government, such as treasury certificates (short-term securities), linear bonds  (OLOs) and strips. It also comprises short and long-term securities issued by other government bodies or by private issuers residing both in Belgium or abroad. Non Belgian Government issues are managed by issuing agents, who are participant at NBB-SSS and whose cash accounts are used for corporate actions.

General

Settlement

The system ensures the settlement of transactions based on instructions sent by the two counterparties. It also ensures that delivery of and payment for the securities are effected simultaneously and irreversibly (delivery against payment principle). The system settles transactions on gross basis. The system also manages the collection and refunding of taxes on the securities (X/N system), both at the time of settlement of a transaction and when the proceeds are paid.

All participants can manage their instructions and their positions by means of Ramses. Direct participants have an additional access to T2S platform that also reflects this information.

Cash Provision for Settlement

The NBB-SSS operates on T2S. Subsequently, both the cash and securities’ sides of "delivery versus payment" transactions are settled in full on the T2S platform. The cash funds held on the Dedicated Cash Accounts will be used for settling DVP transactions as well as corporate actions. Cash settlement on T2S is available through DCAs in Euro and DKK. Provision of EUR cash on DCAs shall be executed through TARGET2, provision of DKK cash on DCAs shall be executed through the DKK RTGS-system KRONOS2. 

Central Securities Depositories Regulation compliance

As CSD operated by a NCB, the NBB-SSS does not need an authorization (cfr. Art 1§4 of the EU regulation No 909/2014 saying that Art 16 (CSD authorization), among others, do not apply to CSD operated by NCBs of the ESCB).

Nevertheless, the NBB Board decided to request the NBB Oversight to perform an assessment of the NBB-SSS against the CSD-R. The NBB-SSS was assessed to comply with the CSDR requirements at the end of March 2018 and the results of this assessment were published in the Financial Market Infrastructures and Payment Services Report 2018.

On-boarding Procedure

Should you wish to become a Participant in the NBB-SSS, follow the on-boarding procedure.

System Working Days

In principle, the settlement system operates on a daily basis except on Saturdays, Sundays and the other days on which the T2S is closed.   

Key Documents and Lists

Rule Book 
SWIFT
NBB-SSS Participants
Issuance
Corporate Actions
Statistics and Figures
Other Documents

Projects

Mandatory Migration ISO 20022
Foreign Currencies
CMH Corporate Action Harmonisation
CSD-R Settlement Discipline

Governing Bodies

Management Committee

Risk Committee

User Committee

TARGET2 - Securities (T2S)

Related contact(s)

NBB-SSS

General
sss@nbb.be
+ 32 2 221 36 00
Operations
request.sss@nbb.be
+ 32 2 221 22 17
Issuances
isin@nbb.be
+ 32 2 221 22 17