# National Bank of Belgium Securities Settlement System

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{{short description|Financial market infrastructure}}
{{Infobox company
| name = National Bank of Belgium Securities Settlement System
| logo = 
| image = 
| image_caption = 
| type = [Subsidiary](/source/Subsidiary)
| industry = [Financial services](/source/Financial_services)
| founded = {{Start date and age|1991|01|02}}
| founder = [Belgian government](/source/Belgian_government)
| hq_location_city = [Brussels](/source/Brussels)
| hq_location_country = [Belgium](/source/Belgium)
| key_people = 
| products = [Central securities depository](/source/Central_securities_depository)
| num_members = 
| num_employees = 
| owner = [National Bank of Belgium](/source/National_Bank_of_Belgium)
| website = {{URL |https://www.nbb.be/en/payments-and-securities/securities-settlement-system-nbb-sss}}
}}

The '''National Bank of Belgium Securities Settlement System''' ('''NBB-SSS''') is one of three [central securities depositories](/source/central_securities_depository) (CSDs) in [Belgium](/source/Belgium), together with [Euroclear Bank](/source/Euroclear_Bank) and [Euroclear Belgium](/source/Euroclear_Belgium).<ref>{{citation |publisher=International Monetary Fund |url=https://www.imf.org/en/Publications/CR/Issues/2023/12/07/Belgium-Financial-Sector-Assessment-Program-Detailed-Assessment-of-Observance-Assessment-of-542179 |date={{date|2023-12-8}} |title=Belgium: Financial Sector Assessment Program-Detailed Assessment of Observance-Assessment of the CPSS–IOSCO Principles for Financial Market Infrastructures Euroclear Bank}}</ref> The main CSD for Belgian government securities, it is owned and operated by the [National Bank of Belgium](/source/National_Bank_of_Belgium).

NBB-SSS is one of three remaining central-bank-operated CSDs in the [European Exchange Rate Mechanism](/source/European_Exchange_Rate_Mechanism) that are mainly aimed at deposits of government securities, together with the [Bulgarian National Bank Government Securities Settlement System](/source/Bulgarian_National_Bank_Government_Securities_Settlement_System) (BNBGSSS) and the [Bank of Greece Securities Settlement System](/source/Bank_of_Greece_Securities_Settlement_System) (BOGS). Other euro-area countries had similar systems in the past but have phased them out, e.g. France in 1995,<ref name=Norman>{{cite book |author=Peter Norman |title=Plumbers and Visionaries: Securities Settlement and Europe's Financial Market |date=2007 |publisher=John Wiley & Sons |location=London}}</ref>{{rp|283}} Finland in 1996,<ref>{{cite web |website=Euroclear Finland |access-date={{date|2025-2-16}} |url=https://www.euroclear.com/finland/fi/who-we-are/history.html |title=Suomalainen arvo-osuusjärjestelmä – digitalisaatiota jo vuodesta 1992}}</ref> Italy in 2000,<ref>{{cite web |website=Euronext |url=https://www.euronext.com/sites/default/files/2021-04/4300_MonteTitoli_Interview%20The%20VAN_eng.pdf |date=April 2021 |title=Monte Titoli, Competitiveness Guaranteed: Interview with Pierluigi Dimonopoli, Head of Issuer Services}}</ref> and Spain in 2003.<ref>{{Cite web|url=https://www.bolsasymercados.es/ing/About-BME/Companies|title=BME Group Companies|website=BME}}</ref> 

== History ==
NBB-SSS was established by Belgian law of {{date|1991-1-2}}. Its direct participants include EU-based credit institutions and investment firms as well as the Belgian Treasury administration, [Clearstream Banking SA](/source/Clearstream_Banking_SA), [Euroclear](/source/Euroclear), [Sicovam](/source/Sicovam), other securities settlement systems, and the NBB itself.<ref>{{citation |title=Payment systems in Belgium |publisher=Committee on Payments and Settlement Systems |url=https://www.bis.org/cpmi/publ/d53p02be.pdf |date=2003}}</ref>{{rp|26}} 

The securities held on NBB-SSS accounts are mostly government securities as well as short- and long-term securities issued by other government bodies and, to a limited extent, by private issuers. Issues other than those by the Belgian government are managed by issuing agents who participate in the NBB-SSS. As it is operated by a [National Central Bank](/source/National_Central_Bank) of the Eurosystem, the NBB-SSS is exempt from authorization requirements that apply to other CSDs.<ref>{{cite web |website=National Bank of Belgium |access-date={{date|2025-2-11}} |url=https://www.nbb.be/en/payments-and-securities/securities-settlement-system-nbb-sss |title=The Securities Settlement System (NBB-SSS)}}</ref>

NBB-SSS is connected to the Eurosystem's [TARGET2-Securities](/source/TARGET2-Securities) (T2S) platform.<ref name=ECBlist>{{citation |website=European Central Bank |url=https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/t2s/shared/pdf/List_of_CSDs_connected_to_T2S.pdf |access-date={{date|2024-12-25}} |title=Central Securities Depositories (CSDs) connected to T2S}}</ref>  

==See also==
* [Financial market infrastructure](/source/Financial_market_infrastructure)

==References==
{{reflist}}

Category:Central securities depositories of Europe

{{finance-stub}}

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Adapted from the Wikipedia article [National Bank of Belgium Securities Settlement System](https://en.wikipedia.org/wiki/National_Bank_of_Belgium_Securities_Settlement_System) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/National_Bank_of_Belgium_Securities_Settlement_System?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.