Services for account operators

At VBM, we operate a securities settlement system and settle securities transactions, both on and off regulated markets. This is carried out in accordance with laws and regulations and under an agreement with the Central Bank of Iceland. We also settle transactions based on instructions from parties connected to VBM’s system.

Current members (account operators) are as follows:

• Central Bank of Iceland
• Arion banki hf.
• Íslandsbanki hf.
• Landsbankinn hf.

VBM offers three types of membership agreements for account operators, depending on whether the account operator participates in the Central Bank of Iceland’s interbank system and whether it outsources access to VBM.

Membership provides, among other things:

• Access to VBM’s securities settlement systems
• Authorisation to submit electronic transaction instructions
• The ability to open custody accounts for clients

VBM’s settlement system plays a key role in ensuring the reliability and security of securities transactions—even during periods of high market activity.



VBM is authorised to operate in the European Economic Area.

The Quick Clear system is certified under the CSDR and compatible with T2S. All data and systems are securely hosted by Reiknistofa bankanna. 

We welcome market participants to apply for membership in VBM. We aim to ensure that the process runs smoothly. We may therefore request additional documents or information as needed.

You can apply to become a participant by completing the participation application form.

The application must state the legal entity’s name, address and identification number, and include confirmation from the competent authority in the entity’s home country that the applicant is authorised to conduct securities transactions.

If you have any questions or need help with your application, please don’t hesitate to contact us.                                   

Once all required documents have been received, a VBM specialist reviews the application for legal, financial and operational risks. We aim to process applications as quickly as possible.

All applications are assessed and processed in accordance with VBM's rules.

• Membership Agreement
• Apply to become a VBM participant

• Electronic securities registration, confirmation of ownership and rights. Securities can be registered in two ways: directly in the owners’ names or in a nominee account, as permitted.
• VBM can register shares, bonds, bills and fund units in book-entry form, in both Icelandic króna and other currencies.
• Safekeeping of securities and entitlements.
• VBM provides access to information on upcoming interest payments and principal repayments.
• VBM facilitates the transfer of dividend payments from a public limited company to the account operator.
• VBM facilitates the payment of interest and principal repayments by issuers.
• VBM facilitates other corporate actions in accordance with the issuer’s request.

• Settlement of exchange transactions in dematerialised securities.
• Settlement of other transactions in electronic securities in accordance with transaction instructions.
• VBM settlement times in the Central Bank of Iceland’s interbank system are 10:00, 13:30 and 15:30.

• Settlement of exchange transactions in dematerialised securities.
• Settlement of other transactions in electronic securities in accordance with transaction instructions.
• VBM settlement times in the Central Bank of Iceland’s interbank system are 10:00, 13:30 and 15:30.

Delegated Regulation No. 2021/ees/66/02

The purpose of the regulation is to prevent settlement fails and encourage settlement discipline, as set out in the regulation. If settlement does not take place on the agreed date, penalties are calculated and charged to the party that fails to meet its settlement obligations. The penalty is calculated daily until settlement is completed. It is then collected and paid to the party affected by the settlement fail.