Market Link Guide - Belgium (NBB SSS)

22.11.2019

The OneClearstream service level provides customers 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 customers, unless otherwise highlighted in the documentation.

Key features

CSD link as defined under CSDRaYes 

Type of link

For CBF customers

Direct linkb to National Bank of Belgium Securities Settlement System (NBB SSS)

For CBL customers

Direct link to Clearstream Banking AG, Frankfurt for holding NBB SSS eligible securities

For LuxCSD customers

Direct linkb to CBF for holding NBB SSS eligible securities

a. CSD Regulation (EU) No 909/2014 art. 2 (29)
b. Interoperable link for T2S-related aspects


CSD
(as CBF’s depository)

Custodian
(as CBL’s depository)

Custodian
(as LuxCSD’s depository)

Asset Service Provider for CBF, CBL and LuxCSD

Name

National Bank of Belgium SSS (NBB SSS)

Clearstream Banking AG,
Frankfurt

Clearstream Banking AG,
Frankfurt

KBC Bank NV, Brussels

FATCA GIIN

LVPRMC.99999.SL.056

N1V1GJ.00002.ME.276

N1V1GJ.00002.ME.276

5DHUWX.00021.ME.056

LEI

CGYP50QBGGR6NCHTSN68

549300298FD7AS4PPU70549300298FD7AS4PPU70

2138005SP78ELLT822P61

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 customers

Yes/No

For CBL customers

Yes/No

For LuxCSD customers

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

Settlement penalty fees

Yes

Yes

Yes

 

Partial settlement

Yes

Yes

Yes


Bridge settlement

No

Yes

No


Hold and Release

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.

Legal arrangements

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.

 For CBF customer (link to NBB SSS)For CBL customer (link to CBF)For LuxCSD customer (link to CBF)
Date of legal opinion17 October 201911 August 201711 August 2017
No insolvency proceedings against the CSDConfirmedConfirmedConfirmed
Liability for negligenceConfirmedConfirmedConfirmed
Book-entry regime with in rem rightsConfirmedConfirmedConfirmed
Recognition as direct CSD account-holderConfirmedConfirmedConfirmed
Recognition of nominee conceptConfirmedConfirmedConfirmed
No right of retention to the CSDConfirmedConfirmedConfirmed
Segregation of assets at the CSDConfirmedConfirmedConfirmed
No right of useConfirmedConfirmedConfirmed
No upper-tier attachmentsConfirmedConfirmedConfirmed
Shortfall pro-rated among holdersConfirmedConfirmedConfirmed
Settlement finality in case of insolvencyConfirmedConfirmedConfirmed
Record keeping period of at least 10 yearsConfirmedConfirmedConfirmed