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).


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.



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 
NBB-SSS participants
Corporate actions
Statistics and figures
Other documents