NBB Transaction management rules - Belgium
NBB-eligible securities
Market claims and reverse market claims
| Market claims | Reverse market claims |
Processing of market claims and reverse market claims on the market | Applicable | Not applicable |
Eligible corporate action events | All income and non-income distribution events in cash and securities | Not applicable |
Detection period | 20 T2S opening days after the record date | Not applicable |
Eligible transactions | All as of status matched | Not applicable |
Detection key dates | Securities in nominal:
| Not applicable |
Opt-out/Ex/Cum indicator | Opt-out is supported as additional matching field, but the CUM-EX indicator is not applicable to securities in nominal. | Not applicable |
Characteristics of market claims/reverse market instructions |
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Tax status of claims | Market claims are processed on a gross basis without tax adjustment. | Not applicable |
Market specifics | Not generated for:
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Processing of market claims and reverse market claims by Clearstream | Applicable | Not applicable |
Scenarios for market claim detection for securities in nominal
TD before Ex-datea | ISD before or on RD | ASD before or on RD | Opt-out indicator | Ex/Cum indicator | Market claim to be created | Direction | Issuer CSD compliance |
Y/N | Y | N | Blank | n/a | Y | From Seller to Buyer | Y |
No market claim detection for transactions in which opt-out is present
TD before Ex-datea | ISD before or on RD | ASD before or on RD | Opt-out indicator | Ex/Cum indicator | Market claim to be created (T2S rules) | Direction |
n/a | n/a | n/a | Opt-out | n/a | No | n/a |
a. N means TD => Ex-Date but TD <= RD.
b. Reverse market claims.
Transformations
| Transformations | Comments |
Processing of transformations on the market: | Applicable |
|
Eligible corporate action events | All income and non-income mandatory reorganisation events in cash and securities | |
Detection period | 20 T2S opening days after the record date |
|
Eligible transactions | All as of status matched, but still pending | |
Detection key dates |
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Opt-out indicator |
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Characteristics of re-instructions due to transformations |
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Market specifics | Transformations are not generated for securities denominated in a non-T2S eligible currency |
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Processing of transformations by Clearstream: | Applicable |
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Scenarios for transformations
Reorganisation event type | Cancellation instruction to be created | Opt-out Indicator | Transformed instruction to be created |
MAND | Y | Blank | Y |
MAND | Y | Opt-out | N |
CHOS | N | Blank | N |
CHOS | N | Opt-out | N |
VOLU | N | Blank | N |
VOLU | N | Opt-out | N |
Buyer protection
Subject to Manual Buyer Protection mechanism.