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

Nasdaq CSD is open for settlement from 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 each SSS follows the relevant domestic holidays.

Holiday Date Tallinn Riga Vilnius T2S TARGET2
New Year’s day Jan 1 X X X X X
Day of Re-Establishment of the State of Lithuania Feb 16 X
Independence Day of Estonia Feb 24 X
Day of Re-Establishment of the independence of Lithuania Mar 11 X
Good Friday Apr 19 X X X X X
Easter Monday Apr 22 X X X  X X
International Labor Day May 1 X X X X
Day of declaration of Independence of Latvia May 4 X
Victory day in Estonia Jun 23 X
Midsummer Eve Jun 23 X
Midsummer day/St John’s Day Jun 24 X X X
Statehood Day Jul 6 X
Assumption Day Aug 15 X
Day of restoration of Independence of Estonia Aug 20 X
All Saint’s Day Nov 1 X
Proclamation of the Republic of Latvia Nov 18 X
Christmas Eve Dec 24 X X X
Christmas Day Dec 25 X X X X X
Boxing Day Dec 26 X X X X X
New Year’s Eve Dec 31 X


“General business hours” of Nasdaq CSD system is period of time within business day which starts at 08:00 and ends at 19:00. During this time period 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. Note (!) that a settlement instruction for Baltic T2S instruments will be matched in T2S if it was not initially entered as an already matched settlement instruction.

Free of payment (FOP) settlement instructions are settled continuously in real time during general business hours. FOP settlement is executed until 19:00.

Against payment (DVP) settlement instructions settle continuously in real time during general business hours. DVP settlement is executed until 17:00.

During the end of day period (19:00-21:00):

  • 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 (21:00-08:00):

  • 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) and communicates settlement instruction status advice and/or confirmation messages to Nasdaq CSD participants (if subscribed).