Nasdaq CSD is open for settlement on TARGET2-Securities opening days, meaning that Nasdaq CSD system is operational on local holidays if the TARGET2-Securities platform is open on those days.

Nasdaq CSD is open for settlement Monday to Friday. It is closed for any type of settlement on the following days in all currencies:

  • All Saturdays
  • All Sundays
  • Good Friday
  • Easter Monday
  • 1st of May (Labor Day)
  • 25th of December (Christmas Day)
  • 26th of December (Christmas Holiday)
  • 1st of January (New Year’s Day)

For financial instruments which are only settled locally (not via T2S), local market holidays are taken into account, meaning that each SSS follows the relevant domestic holidays.

Holiday Date 2020 Date 2021 Tallinn Reykjavik Riga Vilnius T2S TARGET2
New Year’s day Jan 1 Jan 1 X X X X X X
Day of Re-Establishment of the State of Lithuania Feb 16 Feb 16 X
Independence Day of Estonia Feb 24 Feb 24 X
Day of Re-Establishment of the independence of Lithuania Mar 11 Mar 11 X
Maundy Thursday Apr 9 Apr 1 X
Good Friday Apr 10 Apr 2 X X X X X
Easter Monday Apr 13 Apr 5 X X X  X X
Public holiday (First day of summer) Apr 23 Apr 23 X
International Labor Day May 1 May 1 X X X X X
Day of declaration of Independence of Latvia May 4 May 4 X
Ascension Day May 21 May 21 X
Whit Monday Jun 1 Jun 1 X
National Day of Iceland Jun 17 Jun 17 X
Victory day in Estonia Jun 23 Jun 23 X
Midsummer Eve Jun 23 Jun 23 X
Midsummer day/St John’s Day Jun 24 Jun 24 X X X
Statehood Day Jul 6 Jul 6 X
Commerce Day Aug 3 Aug 3 X
Assumption Day Aug 15 Aug 15 X
Day of restoration of Independence of Estonia Aug 20 Aug 20 X
All Saint’s Day Nov 1 Nov 1 X
All Soul’s Day Nov 2 Nov 2 X
Proclamation of the Republic of Latvia Nov 18 Nov 18 X
Christmas Eve Dec 24 Dec 24 X X X X
Christmas Day Dec 25 Dec 25 X X X X X X
Boxing Day Dec 26 Dec 26 X X X X X X
New Year’s Eve Dec 31 Dec 31 X X


CSD system’s “general business hours” are from 8:00 to 19:00 in Estonia, Latvia and Lithuania and from 8:00 to 17:00 in Iceland, local times. During business hours the following actions are possible:

  • Input and matching of settlement instructions
  • Input and matching of maintenance instructions
  • Transfer of liquidity to payment module account necessary for executing settlement instructions
  • Settlement of settlement instructions
  • Other operations

Matching and maintenance of settlement instructions is executed continuously during general business hours and in three batches against payment in Iceland. Note (!) that settlement instruction for Baltic T2S instruments will be matched in T2S if not initially entered as an already matched settlement instruction.

Free of payment (FOP) settlement instructions are settled continuously in a real time during general business hours. FOP settlement is executed until 19:00 in Estonia, Latvia and Lithuania and until 17:00 in Iceland.

Against payment (DVP) settlement instructions settle continuously in real time during general business hours, except for Iceland. DVP settlement is executed until 17:00 in Estonia, Latvia and Lithuania.

Against payment (DVP) settlement instructions settle in three batches in Iceland, at 9:15, 11:45 and 15:00.

During the end of day period from 19:00 to 21:00 in Estonia, Latvia and Lithaunia:

  • Nasdaq CSD system is open for Participants’ queries (via GUI and messaging)
  • Nasdaq CSD system sends participants subscribed reports
  • Between 19:45 and 21:00 Nasdaq CSD sends settlement instructions to T2S for processing in NTS for ISD settlement. Note (!) ISD starts in T2S on ISD -1 at 21:00.

During the end of day period from 17:00 to 20:00 in Iceland:

  • Nasdaq CSD system is open for Participants’ queries (via GUI and messaging)
  • Nasdaq CSD system sends participants subscribed reports

During night time period from 21:00-08:00 in Estonia, Latvia and Lithuania:

  • Nasdaq CSD system is opened for participants, however it is not foreseen that Nasdaq CSD participants will be using Nasdaq CSD system, therefore Nasdaq CSD Operations are not actively monitoring processes taking place during that time or supporting participants in case of possible erroneous actions.
  • Nasdaq CSD system is synchronized with information received from T2S NTS (first NTS cycle shall finish by 23:20 (EET)) and communicates settlement instruction status advice and/or confirmation messages to Nasdaq CSD participants (if subscribed).

During night time period from 17:00 to 08:00 in Iceland:

  • Nasdaq CSD system is open for Participants’ queries (via GUI and messaging), however it is not foreseen that Nasdaq CSD Participants will be using the system of Nasdaq CSD, therefore Nasdaq CSD Operations are not actively monitoring processes taking place during that time or supporting Participants in case of possible erroneous actions
  • Subscribing Participants receive reports from the system of Nasdaq CSD.