Settlement times - Belgium (NBB)

29.11.2018

The deadlines shown below are valid provided that the customer's instructions are complete, accurate and eligible for straight-through processing (STP) in CBL/CBF/LuxCSD and in the local market. Customers must also ensure that any necessary provision is available. If one or more of these criteria are not met, CBL/CBF/LuxCSD cannot guarantee timely settlement.

Important Note: As part of CBL/CBF/LuxCSD’s internal compliance procedures, all incoming customer 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 Customer 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, customers are advised to input instructions at least 15 minutes before the associated deadline.

Settlement times for all NBB T2S eligible securities a

InstructionProvisioningDeadline for receipt of valid instructionExpected settlement results
startendfromtovalue
AP=Against payment  in EUR, FOP=Free of payment, SD=Settlement date
ReceiptsFOP18:05b
SD-1
17:55c
SD
17:55
SD
22:00d
SD-1
18:00
SD 
AP18:05b
SD-1
15:55c
SD
15:55
SD
22:00d
SD-1
18:00
SD 
SD
DeliveriesFOP18:05b
SD-1
17:55c
SD
17:55
SD
22:00d
SD-1
18:00
SD 
AP18:05b
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 customer.

b. Start of provision time for CBF and LuxCSD is 20:00 SD-1 (Start of Night-time Settlement (NTS)) for CBF and LuxCSD).

c. Instructions received from CBF and LuxCSD customers after 15:55 (AP) and 17:55 (FOP) are settled on a “best efforts” basis only.

d. For CBF and LuxCSD customers, 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, in the case of securities denominated in foreign currencies or units of account, no further transfer may be settled from the second TARGET day preceding the interest or reimbursement due date of the security concerned up to (for interest payments) the day before the due date or (for full capital reimbursements) the final reimbursement date.

CBL - Against payment in all other currencies with CBF 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
SD-1

17:10
SD

17:10
SD

17:00
SD

18:00
SD

SD

Deliveries

AP

18:05
SD-1

17:10
SD

17:10
SD

17:00
SD

18:00
SD

SD

CBF - 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
SD-1

17:10
SD

17:30a
SD

17:00
SD

18:00
SD

SD

Deliveries

AP

20:00
SD-1

17:10
SD

17:30a
SD

17:00
SD

18:00
SD

SD

a Determined by reservation CDLR (Instruction is on hold) in T2S.

CBF and CBL customers can enter into against payment transactions with counterparties in CBF 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.