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 as a T2S-CSD. This means that both the cash and securities’ side of "delivery versus payment" transactions are settled in full on the T2S platform. In order to ensure that the system works normally, the participants have to transfer cash from their TARGET2 account to their DCA account in T2S. The cash funds held in this account will both be used for settling DVP transactions as well as for the payment of corporate actions. Until mid 2018 T2S will be limited to DCAs in Euro, but as the migration of DKK it will also be possible to execute DVP settlement in DKK. Provision of the DKK cash on DCAs will have to be executed through the DKK RTGS-system.

As from March 2018 NBB-SSS will provide in a functionality allowing the participants to settle DVP in GBP. Hereto deposits towards the NBB-SSS GBP account with BoE will 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
Questionnaires and due dilligence
Statistics and figures
Other documents

Governing bodies

Management Committee

User Committee