NBB Transaction management rules - Belgium

21.12.2018

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:

  • Record date
  • Intended settlement date
  • Effective settlement date  

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

  • Transaction code “CLAI”
  • Status unmatched  
  • Same trade date as per underlying instruction
  • Settlement date being the payment date of the underlying event
  • Partial settlement indicator as per underlying instruction (always NPAR for claims in cash)
  • On-hold/release status as per underlying instruction
  • Not applicable

Tax status of claims

Market claims are processed on a gross basis without tax adjustment.

Not applicable

Market specifics

Not generated for:

  • Securities denominated in a non-T2S eligible currency for cross-CSD instructions

  • Securities distributions in non-T2S eligible securities

  • Not applicable

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
(T2S rules)

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

  • Record date, for income events and mandatory reorganisations without options
 

Opt-out indicator

  • Supported as additional matching field

 

Characteristics of re-instructions due to transformations

  • Transaction condition “TRAN”
  • Status unmatched 
  • Same trade date as per underlying instruction
  • Settlement date being the latest date between the payment date of the underlying event and the intended settlement date of the underlying instruction
  • Partial settlement indicator as per underlying instruction (always NPAR for claims in cash)
  • On-hold/release status as per underlying instruction

 

Market specifics

Transformations are not generated for securities denominated in a non-T2S eligible currency

 

Processing of transformations by Clearstream:

Applicable

 

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.