Treasury Certificates (TC)

The secondary markets in TCs include:

  • The regulated interest rate market on Euronext Brussels, in particular thecontinuous market where liquidity providers operate;
  • The “over-the-counter” (OTC) market where transactions takes place on a bilateral basis, apart from a trading venue. The largest volume is achieved on this market;
  • The electronic trading platforms such as MTS Belgium, BrokerTec and Eurex for business-to-business trading (B2B) and TradeWeb, Bondvision and Bloomberg for business-to-customer trading (B2C).

The liquidity on the secondary markets of TCs is ensured by our primary and recognized dealers, an obligation laid down in the specifications which have been signed by each dealer with the Belgian State.

The imposition of such an obligation is important to enable investors to gain confidence in the products presented. In the context of liquidity, purchase and selling prices shall be transparent through publication as well as available through the provision of a continuous price formation.

Primary and recognized dealers fulfil these obligations by:

  1. Quoting negotiable interest rates or prices to their clients for the potential purchase and sale of TCs;
  2. Publishing indicative prices and interest rates;
  3. Quoting negotiable purchase and selling prices on one or more selected electronic trading platforms, an obligation for primary dealers but not for recognized dealers.

 

Depending on the counterparty, the operations of these dealers are classified by:

  1. “Interdealer” markets in which operations between dealers are mainly conducted via electronic platforms and, to a lesser extent, by telephone and/or brokers.
    These electronic platforms are called B2B platforms, “Business to Business”, such as MTS Belgium, Brokertec and BGC.
     
  2. Client (“Customers”) markets:
    • The electronic markets (B2C, Business to Customers) in which financial institutions can offer prices to clients and conclude operations, such as Bondvision, Bloomberg, Tradeweb, etc.;
    • “Systematic Internalisers” of orders;

 

Indicative prices and rates of the OLOs and TCs will be published on a daily basis on this website, under the heading “Numbers - Market Information”. In addition, each month, the volumes will be revealed of the OLO and TC operations which have been concluded by the primary and recognized dealers  and which should be obligatorily reported to the Belgian Debt Agency.

 

As a private citizen, how can I purchase or sell TCs?

  1. In Belgium by instructing a credit institution or an investment company. These intermediaries are subject to the best execution obligation, which means that they opt for the best execution market.
  2. Abroad, with due observance of the local legislation.