The Securities settlement system of the National Bank of Belgium

THE SECURITIES SETTLEMENT SYSTEM of the National Bank of Belgium

The following document comprises the answers formulated by the National Bank of Belgium regarding its securities settlement system in response to the Disclosure Framework questionnaire published in February 1997 by the joint working group of the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements, and the International Organization of Securities Commissions (IOSCO).

This document is intended to inform potential direct and indirect participants by providing information about the clearing system and to help them understand and assess the risks associated with its securities settlement activities. The framework does not necessarily identify all possible topics.

While the National Bank of Belgium believes the information to be accurate at the time of completing the questionnaire, no warranty of accuracy or reliability is given and no responsibility to any person will be accepted by the National Bank of Belgium for any error or omission howsoever arising. The following document has only an informative nature: it can neither be considered as a part of the rules and procedures of the system or of agreements between the National Bank of Belgium and any person, nor as an amendment or addition to the aforesaid texts.

Requests for further information may be directed to

Securities Settlement Unit

National Bank of Belgium

Fax : 32 2 221 31 20