Settlement times - Belgium (NBB)
The deadlines shown below are valid provided that the client's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL/CEU/LuxCSD and in the local market. Clients must also ensure that any necessary provision is available. If one or more of these criteria are not met, CBL/CEU/LuxCSD cannot guarantee timely settlement.
Important Note: As part of CBL/CEU/LuxCSD’s internal compliance procedures, all incoming client instructions will be automatically scanned before entering transaction processing. Instructions that are internally flagged as requiring further manual investigation are set to status pending, with such status immediately reported to the Client via their chosen media channel(s), until either being manually released for processing or rejected. In order to ensure that instructions being investigated do not miss the applicable deadlines, clients are advised to input instructions at least 15 minutes before the associated deadline.
Settlement times for all NBB T2S eligible securitiesa
| Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
| start | end | from | to | value | |||
| AP=Against payment in EUR, FOP=Free of payment, SD=Settlement date | |||||||
| Receipts | FOP | 18:05b SD-1 | 17:55c SD | 17:55 SD | 22:00d SD-1 | 18:00 SD | |
AP | 18:05b SD-1 | 15:55c SD | 15:55 SD | 22:00d SD-1 | 18:00 SD | SD | |
| Deliveries | FOP | 18:05b SD-1 | 17:55c SD | 17:55 SD | 22:00d SD-1 | 18:00 SD | |
AP | 18:05b SD-1 | 15:55c SD | 15:55 SD | 22:00d SD-1 | 18:00 SD | SD | |
a. Instructions with same-day value transmitted to the NBB on SD after 16:00 for AP or after 18:00 for FOP and all instructions for securities transactions with an intended settlement date in the past are subject to a penalty fee of EUR 200.00 per instruction.
Failed instructions (due to lack of cash or securities) and non-released instructions with an "on hold" (PREA) status are subject to a penalty fee of EUR 100.00 per day and per failed or non-released instruction, at the end of relevant deadline (AP or FOP) on the settlement day.
The penalty fee will be passed to the client.
b. Start of provision time for CEU and LuxCSD is 20:00 SD-1 (Start of Night-time Settlement (NTS)) for CEU and LuxCSD).
c. Instructions received from CEU and LuxCSD clients after 15:55 (AP) and 17:55 (FOP) are settled on a “best efforts” basis only.
d. For CEU and LuxCSD clients, first results from the NTS cycle can be expected around 22:20 SD-1.
Limitations due to proximity of the interest due date or the final reimbursement date
No transaction referred to in article 3.2 of the Rule Book of the NBB may be settled on or after the final reimbursement date of the security concerned. This applies to all securities.
Furthermore, for securities denominated in foreign currencies or units of account, no further transfer may be settled from the business day preceding the interest payment date or the principal reimbursement date of the security concerned.
CBL - Against payment in all other currencies with CEU counterparties
Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
start | end | from | to | value | |||
AP=Against payment in EUR, FOP=Free of payment, SD=Settlement date | |||||||
Receipts | AP | 18:05 | 17:10 | 17:10 | 17:00 | 18:00 | SD |
Deliveries | AP | 18:05 | 17:10 | 17:10 | 17:00 | 18:00 | SD |
CEU - Against payment in all other currencies with CBL counterparties
Instruction | Provisioning | Deadline for receipt of valid instruction | Expected settlement results | ||||
start | end | from | to | value | |||
AP=Against payment in EUR, FOP=Free of payment, SD=Settlement date | |||||||
Receipts | AP | 20:00 | 17:10 | 17:30a | 17:00 | 18:00 | SD |
Deliveries | AP | 20:00 | 17:10 | 17:30a | 17:00 | 18:00 | SD |
a. Determined by reservation CDLR (Instruction is on hold) in T2S.
CEU and CBL clients can enter into against payment transactions with counterparties in CEU for settlement in EUR or in the foreign currencies AUD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, TRY, USD and ZAR.