09:00 - 17:00

Settlement in the Baltics

General business hours of the core CSD system are from 8:00 to 19:00 (UTC+2) in Estonia, Latvia and Lithuania. Settlement in TARGET2-Securities (T2S) is executed continuously during general business hours. Delivery versus Payment (DvP) settlement is executed until 17:00. Free of Payment (FoP) settlement instructions are settled continuously in a real time during general business hours. FoP settlement is executed until 19:00.

Settlement in Iceland

General business hours of the core CSD system are from 8:00 to 17:00 (GMT) .

DvP is processed in five batches during general business hours – at 9:15, 10:30, 11:45, 13.00, 14:00 and 15:20. FoP settlement instructions are settled every three minutes during general business hours. FoP settlement is executed until 17:00.

During end of day period in Estonia, Latvia and Lithuania

19:00 to 21:00 (UTC+2)

  • 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 night-time period in Estonia, Latvia and Lithuania

21:00-08:00 (UTC+2)

  • Nasdaq CSD system is opened for participants.
  • Nasdaq CSD system is synchronized with information received from T2S NTS (first NTS cycle shall finish by 23:20 (UTC+2)) and communicates settlement instruction status advice and/or confirmation messages to Nasdaq CSD participants (if subscribed).
During the end of day period in Iceland

17:00 to 20:00 (GMT)

  • Nasdaq CSD system is open for Participants’ queries (via GUI and messaging).
  • Nasdaq CSD system sends participants subscribed reports.
During night-time period from in Iceland

17:00 to 08:00 (GMT)

  • Nasdaq CSD system is open for Participants’ queries (via GUI and messaging).
  • Subscribing Participants receive reports from the system of Nasdaq CSD.

Holiday Calendar

Date
Holiday (Event)
Affected
Affected market
01.01.2025
New Year's Day
T2S, T2
Estonia, Iceland, Latvia, Lithuania
16.02.2025
Day of Re-Establishment of the State of Lithuania
Lithuania
24.02.2025
Independence Day of Estonia
Estonia
11.03.2025
Day of Re-Establishment of the independence of Lithuania
Lithuania
17.04.2025
Maundy Thursday
Iceland
18.04.2025
Good Friday
T2S, T2
Estonia, Iceland, Latvia, Lithuania
21.04.2025
Easter Monday
T2S, T2
Estonia, Iceland, Latvia, Lithuania
24.04.2025
Public holiday (First day of summer)
Iceland
01.05.2025
International Labor Day
T2
Estonia, Iceland, Latvia, Lithuania
05.05.2025
Day of declaration of Independence of Latvia
Latvia
29.05.2025
Ascension Day
Iceland
09.06.2025
Whit Monday
Iceland
17.06.2025
National Day of Iceland
Iceland
23.06.2025
Victory day in Estonia
Estonia
23.06.2025
Midsummer Eve
Latvia
24.06.2025
Midsummer day/St John’s Day
Estonia, Latvia, Lithuania
06.07.2025
Statehood Day
Lithuania
04.08.2025
Commerce Day
Iceland
15.08.2025
Assumption Day
Lithuania
20.08.2025
Day of restoration of Independence of Estonia
Estonia
01.11.2025
All Saint’s Day
Lithuania
02.11.2025
All Soul’s Day
Lithuania
18.11.2025
Proclamation of the Republic of Latvia
Latvia
24.12.2025
Christmas Eve
Estonia, Iceland, Latvia, Lithuania
25.12.2025
Christmas Day
T2S, T2
Estonia, Iceland, Latvia, Lithuania
26.12.2025
Boxing Day
T2S, T2
Estonia, Iceland, Latvia, Lithuania
31.12.2025
New Year’s Eve
Iceland, Latvia
01.01.2026
New Year's Day
T2S, T2
Estonia, Iceland, Latvia, Lithuania
02.01.2026
National holiday
Latvia
16.02.2026
Day of Re-Establishment of the State of Lithuania
Lithuania
24.02.2026
Independence Day of Estonia
Estonia
11.03.2026
Day of Re-Establishment of the independence of Lithuania
Lithuania
02.04.2026
Maundy Thursday
Iceland
03.04.2026
Good Friday
T2S, T2
Estonia, Iceland, Latvia
06.04.2026
Easter Monday
T2S, T2
Estonia, Iceland, Latvia, Lithuania
23.04.2026
Public holiday (First day of summer)
Iceland
01.05.2026
International Labor Day
T2
Estonia, Iceland, Latvia, Lithuania
04.05.2026
Day of declaration of Independence of Latvia
Latvia
14.05.2026
Ascension Day
Iceland
25.05.2026
Whit Monday
Iceland
17.06.2026
National Day of Iceland
Iceland
22.06.2026
National holiday
Latvia
23.06.2026
Midsummer Eve
Latvia
23.06.2026
Victory day in Estonia
Estonia
24.06.2026
Midsummer day/St John’s Day
Estonia, Latvia, Lithuania
06.07.2026
Statehood Day
Lithuania
03.08.2026
Commerce Day
Iceland
15.08.2026
Assumption Day
Iceland
20.08.2026
Day of restoration of Independence of Estonia
Estonia
01.11.2026
All Saint’s Day
Lithuania
02.11.2026
All Soul’s Day
Lithuania
18.11.2026
Proclamation of the Republic of Latvia
Latvia
24.12.2026
Christmas Eve
T2S, T2
Estonia, Iceland, Latvia, Lithuania
25.12.2026
Christmas Day
T2S, T2
Estonia, Iceland, Latvia, Lithuania
26.12.2026
Boxing Day
T2S, T2
Estonia, Iceland, Latvia, Lithuania
31.12.2026
New Year’s Eve
Iceland, Latvia