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.
Local legislation
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. The scope of the legal opinions is limited to the local legislation applicable to the relevant CSD (and intermediary, if any). For links using an intermediary located in another jurisdiction, please find a separate Local legislation section for the jurisdiction of the intermediary below. For clients accessing local markets via other Clearstream entities, please also review the Local legislation section in the relevant Market Link Guide for such Clearstream entity.
Local legislation of the CSD | Local legislation of the intermediary | |
Date of legal opinion | 31 March 2025 | 31 March 2025 |
Nature of rights on securities | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are rights in rem. Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). | Substantive law of the jurisdiction will govern the nature of the rights on the Securities. Rights on the Securities are rights in rem. Rights on the Securities are of other nature/type (chose in action, right to provide instructions to CSD on behalf of Clients, co-ownership rights, trustee rights, sui generis rights, etc.). |
Recognition of nominee concept | Nominee concept not expressly recognized under local law, but possible to hold assets in name of another entity. | Nominee concept not expressly recognized under local law, but possible to hold assets in name of another entity. |
No right of retention to the CSD under local law | CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived. | CSD has a lien or similar encumbrance under local law, but such lien could be contractually excluded or waived. |
No upper-tier attachments | Securities would not be subject to Attachment, subject to specific potential exceptions. | Securities would not be subject to Attachment, subject to specific potential exceptions. |
No right of use without prior consent | Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent. | Laws of the jurisdiction restrict CSD from using Securities without Clearstream’s prior consent. |
Segregation of assets at the CSD | CSD is under legal/regulatory obligation to segregate the Securities held for each participant. | CSD is under legal/regulatory obligation to segregate the Securities held for each participant. |
Loss of assets | No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.). | No general restrictions on ability to recover lost assets or on indemnification under local law, subject to certain exceptions noted by counsel (such as force majeure, no negligence by the CSD, liability caps, sovereign immunity, etc.). |
Ability to recover client assets in the event of insolvency of CSD | Securities would be recoverable. | Securities would be recoverable. |
Ability to recover client assets in the event of insolvency of Agent | Securities would be recoverable in the event of insolvency of the Agent. Claim to Cash as a general creditor in case of insolvency of the Agent. | Securities would be recoverable in the event of insolvency of the Agent. Claim to Cash as a general creditor in case of insolvency of the Agent. |
Shortfall pro-rated among holders | Shortfall in the Securities would be allocated among the holders of the applicable Securities pro rata to their respective ownership percentages. | Shortfall in the Securities would be allocated among the holders of the applicable Securities pro rata to their respective ownership percentages. |
Settlement finality in case of insolvency | Transfer orders are irrevocable and finality of settlement is assured. | Transfer orders are irrevocable and finality of settlement is assured. |