Market Link Guide – Belgium (NBB SSS)
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonisation of asset services and connectivity channels between CBF, CBL and LuxCSD.
CBL and LuxCSD are using CBF as single gateway into T2S markets, allowing seamless transfer between CSD and ICSD counterparties.
This Market Link Guide represents Clearstream’s efforts to streamline our custody network and improve our asset servicing and collateral management services in the new T2S environment. The service description is valid for CBF, CBL and LuxCSD clients, unless otherwise highlighted in the documentation.
Key features
| CSD link as defined under CSDRa | Yes | |
Type of link | For CBF clients | Direct linkb to National Bank of Belgium Securities Settlement System (NBB SSS) |
For CBL clients | Direct link to Clearstream Banking AG, Frankfurt for holding NBB SSS eligible securities | |
For LuxCSD clients | Direct linkb to CBF for holding NBB SSS eligible securities |
a. CSD Regulation (EU) No 909/2014, Article 2(29).
b. Interoperable link for T2S-related aspects.
CSD | Custodian | Custodian | Asset Service Provider for CBF, CBL and LuxCSD | |
Name | National Bank of Belgium SSS (NBB SSS) | Clearstream Banking AG, | Clearstream Banking AG, | KBC Bank NV, Brussels |
FATCA GIIN | LVPRMC.99999.SL.056 | N1V1GJ.00002.ME.276 | N1V1GJ.00002.ME.276 | 5DHUWX.00004.ME.056 |
LEI | CGYP50QBGGR6NCHTSN68 | 549300298FD7AS4PPU70 | 549300298FD7AS4PPU70 | 6B2PBRV1FCJDMR45RZ53 |
Country of incorporation | Belgium | Germany | Germany | Belgium |
Account Type | Omnibus account | Omnibus account | Omnibus account | Mirror omnibus account |
Legal Account name/holder | Clearstream Banking AG | Clearstream Banking S.A. | LuxCSD S.A. | Clearstream Banking AG |
Operational arrangements
For CBF clients Yes/No | For CBL clients Yes/No | For LuxCSD clients Yes/No | Remarks | ||
Settlement in T2S | Yes | Yes | Yes | ||
Settlement free of payment | Yes | Yes | Yes | ||
Settlement against payment | Yes | Yes | Yes (EUR only) | Eligible settlement currencies (between CBF and CBL counterparties only): AUD, CAD, CHFa, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR. | |
Settlement in central bank money | Yes | Yes. Against payment settlement takes place on the DCA of CBL. | Yes | CeBM in EUR only | |
Short selling of entitlement | No | No | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CBL. Please refer to section 4.5 of the CBL Client Handbook. | |
Settlement penalty fees | Yes | Yes | Yes | ||
Partial settlement | Yes | Yes | Yes | ||
Bridge settlement | No | Yes | No | ||
Hold and Release | Yes | Yes | Yes | Partial release available for CBF and LuxCSD | |
Recycling | Yes | Yes | Yes | Yes | |
Bilateral cancellation | Yes | Yes | Yes | Yes | |
Allegements | Yes | Yes | Yes | ||
Transaction Linking | Yes | Yes | Yes | ||
Registered securities | No | No | No | ||
Transaction Management | Yes | Yes | Yes | ||
Multi Market Securities | No | Limited | No | Limited to transfers to and from T2S Out CSDs if the home market is in T2S. | |
Lending and borrowing | Yes | Yes | Yes | ||
Proxy voting | Yes | Yes | Yes | On a “best efforts” basis | |
Investment Funds | No | No | No | ||
Liquidity Hub Connect | No | No | No | ||
Sale and purchase of rights | No | No | No | ||
Repo services | No | No | No | ||
Market restrictions | Yes | Yes | Yes | CBF has a "X" account at NBB. Refer to Tax Services in Other services. | |
FTT | No | No | No | ||
Daily reconciliation | Yes | Yes | Yes | ||
Link eligible for use in Eurosystem credit operations | Yes | Yes | Yes | ||
Moment of entry of instructions | Any instruction is considered to have entered the NBB-SSS as soon as it has been declared compliant with the technical rules of T2S and is, as from that moment, legally enforceable and binding on third parties. | ||||
Irrevocability of instructions | Any instruction regarding a bilaterally agreed transaction is considered irrevocable as soon as it has been given the status “matched”, that is received the status “matched” from the T2S platform. | ||||
Finality of instructions | The “moment of settlement” of the transactions is determined under Belgian law at the moment when book entries in the books of the NBB-SSS are performed. Book entries in the NBB-SSS are irrevocable and enforceable. Settlement of securities leg is operationally executed on the T2S platform and reflected in real time in the books of the NBB-SSS. The settlement of the cash leg of the DVP and other instructions are operationally executed on the T2S platform in accounts in the legal scope of the RTGS active on T2S. | ||||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CBF.
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
| For CBF clients (link to NBB SSS) | For CBL clients (link to CBF) | For LuxCSD clients (link to CBF) | |
| Date of legal opinion | 20 December 2023 | 22 June 2023 | 10 October 2023 |
| No insolvency proceedings against the CSD | Confirmed | Confirmed | Confirmed |
| Liability for negligence | Confirmed | Confirmed | Confirmed |
| Book-entry regime with in rem rights | Confirmed | Confirmed | Confirmed |
| Recognition as direct CSD account-holder | Confirmed | Confirmed | Confirmed |
| Recognition of nominee concept | Confirmed | Confirmed | Confirmed |
| No right of retention to the CSD | Confirmed | Confirmed | Confirmed |
| Segregation of assets at the CSD | Confirmed | Confirmed | Confirmed |
| No right of use | Confirmed | Confirmed | Confirmed |
| No upper-tier attachments | Confirmed | Confirmed | Confirmed |
| Shortfall pro-rated among holders | Confirmed | Confirmed | Confirmed |
| Settlement finality in case of insolvency | Confirmed | Confirmed | Confirmed |
| Record keeping period of at least 10 years | Confirmed | Confirmed | Confirmed |