The securities settlement system (NBB-SSS)
The National Bank administers a settlement system for securities (formerly called Clearing), which ensures the secure handling of transactions in, predominantly, dematerialised securities (securities that only exist in the form of an entry on an account).
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.
Functionality
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. The NBB-SSS also provides a functionality allowing Participants to settle DVP in GBP. Hereto deposits towards the NBB-SSS GBP account with the Bank of England shall be used.
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
- Terms and Conditions (01/01/2019)
- Terms and Conditions (01/01/2020)
- Annexes to the Terms and Conditions of the Securities settlement system of the NBB (01/01/2019)
- Annexes to the Terms and Conditions of the Securities settlement system of the NBB (01/01/2020)
SWIFT
- SWIFT User Guide Ramses - version 3.3 (January 2017)
- Mandatory Migration ISO 20022
NBB-SSS participants
- Participant Identification Form
- Participant and Account static data Form
- Instructions on behalf
- List of NBB-SSS participants (10/09/2019)
- List of NBB-SSS investor CSDs
- Foreign Currencies: DVP Transactions and Corporate Actions - End User Manual
Issuance
- Private issuance information sheet - version 2.5
- Business Day Conventions
- Service contract for the issuance of fixed income securities (01/01/2020)
- Issuer Information Sheet
- IP Summary
- Security Information Form
- Coupon Form
- Foreign Cash Account Form
- Corporate action timing (03/03/2016)
- List of securities: (pdf - 1000k) (xls - 750k)
- Eligible OLO's for coupon stripping (pdf - 17k)
- Issuance fees simulator (xlsm - 128k)
- Current issuance programs: (pdf - 100k) - (xlsx - 96k)
- Current Paying Agents
Corporate actions
- List of securities matured next month (pdf - 257k)
- Coming Corporate Actions (xls - 81k)
- List of next month coupons (pdf - 93k)
Statistics and figures
- Outstanding amount (pdf - 45k)
- Primary market: evolution (pdf - 43k)
- Secondary market: evolution (pdf - 45k)
- Secondary market: settlement rate (pdf - 80 k)
- Corporate actions: evolution (pdf - 37k)
Other documents
Governing bodies
Management Committee
Risk Committee
User Committee
TARGET2 - Securities (T2S)
- T2S Key Documents – T2S Release scoping – T2S List of Change request
- Eurosystem signs T2S Framework Agreement with first Central Securities Depositories (08/05/2012)
- ECB T2S website: www.t2s.eu
- NBB-SSS – Adaptation Plan – version 3.6 (January 2016)
- T2-T2S Cash Aspects (07/06/2012)
- T2S Auto-Collateralisation (07/06/2012)
- TARGET2-Securities Overview (07/06/2012)
- T2S - NBB-SSS - SharePoint Site - Manual (19/03/2019)