Settlement process - Belgium


Settlement cycles

Instruments eligible in Euroclear Belgium (EBE SA/NV):


NBB-eligible bonds:


NBB-eligible Treasury Certificates:


Settlement flow

Settlement of ESES-eligible instruments


Pre-matching takes place via the Euroclear Settlement for Euronext Zone Securities (ESES). Pre-matching is optional at the participant level and can be selected on a case-by-case/trade-by-trade basis. In addition, a counterparty may (independently from the participant) choose to benefit from the pre-matching service. Therefore, in theory, for a given transaction, it is possible that both participants opt for pre-matching or that only one of the participants opts for pre-matching.
Pre-matching can be conducted via ESES on a real-time basis during Euroclear Belgium opening hours. Pre-matching is not binding and shares the same criteria as "matching". Pre-matched trades can be cancelled unilaterally.


ESES allows for the matching of settlement instructions from TD. Matching is mandatory for the settlement of all ESES-eligible trades and once matched are binding and can only be cancelled bilaterally prior to the Contractual Settlement Date.
For trades entered into the ESES system with a retroactive settlement date, the counterparty's matching instruction must be entered in ESES on or before the intended settlement date.

Trading and settlement of instruments eligible in Euroclear Belgium (EBE SA/NV)

Stock exchange trades are placed through the NSC order platform with counterparty anonymity. The Clearing House of Euronext, LCH acts as the central counterparty for these trades and ensures reciprocity of transfers of securities and funds.

For stock exchange trades, an end-of-day net balance of securities and funds in respect of all transactions during the day is calculated for the financial intermediaries; only this balance is settled. For over-the-counter (OTC) trades on equities, matching and settlement is performed on a trade by trade basis through the Electronic Matching and Securities Settlement System (EMSS) operated by Euroclear Belgium (EBE SA/NV).

Balances of securities can be traded via movements on the securities accounts of Euroclear Belgium (EBE SA/NV), while payments of balances of funds are made at the NBB.

Management of failed trades

Unconfirmed receipt instructions with domestic counterparties remain pending until they settle or are cancelled. If instructions remain unsettled for 10 business days in the domestic market, they will automatically be cancelled by the depository and the securities will be re-credited to the appropriate customers' accounts on SD+11.

Settlement of NBB-eligible instruments

Dematerialised Belgian securities (Linear Bonds, Treasury Certificates, traditional government bonds, Commercial Paper) are settled for both cash and securities through T2S. Bonds and Treasury Certificates are settled T+2.

NBB operates settlement via T2S.

T2S matching rules

NBB SSS effective 2 February 2015 has introduced the T2S matching rule.

For more details please refer to the MLG.

Linked instruction

NBB SSS effective 2 February 2015 has introduced instruction linking compliant with T2S.

Hold and release

NBB SSS effective 2 February 2015 has introduced the T2S hold/release service.

For more details please refer to the MLG.

Partial settlement

NBB SSS effective 2 February 2015 has introduced partial settlement.

For more details please refer to the MLG.

T2S recycling rules

NBB SSS effective 2 February 2015 has adopted the standard T2S recycling rules.

For more details please refer to the MLG.

New cash tolerance

NBB SSS effective 2 February 2015 has introduced a cash tolerance that will be in effect in T2S as follows:

  • EUR 2 for transactions with an amount less than or equal to EUR 100,000; and
  • EUR 25 for transactions with an amount greater than EUR 100,000.

Bilateral cancellation

NBB SSS effective 2 February 2015 has introduced a bilateral cancellation.

For more details please refer to the MLG.

Penalties at Euronext securities clearing for non-settlement of sell trades

Clearnet will apply a penalty fee per day on every unsettled sell trade, as follows:

  • A fixed amount of EUR 15; plus
  • A variable amount of up to EUR 500 calculated as: EONIA's rate/360 * amount.

In addition, Trading Member Firms and their settlement agents may face additional costs derived from unsettled on-exchange trades, for example, buy-in charges.


Registered securities are very rare, are non-negotiable and can only be registered under a private name: nominee registration does not exist in Belgium. Securities registered under a private name are not eligible in CBL.

Penalties in NBB-SSS

Effective 1 February 2022, NBB-SSS has adopted the standard CSDR Settlement Penalties Mechanism. The previously applied proprietary penalties by NBB-SSS have been abolished.


Note: Buy-in procedures have been harmonised with other Euronext markets.

If the selling clearing member has failed to deliver the securities eight business days after the Intended Settlement Date (ISD+8) on On-Exchange trades, LCH will action a buy-in (already pre-advised on the evening of ISD+6) and the missing securities will be delivered by the securities provider to Clearnet via a free of payment transfer.

On ISD+9, cash proceeds will be paid to the securities provider and Clearnet will deliver the securities to the buyer against payment.

The buy-in tender price will be 120% of the closing price over the first quoted price on ISD+6.

There is no cash compensation ceiling set; the cash indemnity may not be lower than the amount corresponding to the application of the transaction date purchase price to the open position remaining on the evening of the ISD+8.

For full details on the LCH buy-in procedure, please refer to the LCH publication available at