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.

The current members (account operators) are:

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

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

Membership provides, among other things:

• Access to VBM’s securities settlement systems
• Authorization to submit electronic transaction instructions
• 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 heavy activity in the financial markets.



VBM is authorised to operate in the European Economic Area. 

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

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

You can apply for membership by completing the membership application form.

 The application must state the legal entity's name, address and identification number, together with confirmation from the competent authority in the legal entity's home country of the applicant's authorisation to conduct securities transactions. 

If you have any questions or need help with your application, please feel free to contact us.

Once all required documents have been received, a VBM specialist will review 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 for membership of VBM

• Electronic registration of holdings confirms ownership and rights. Holdings may be registered in either of two ways: directly in the owners’ names or in an omnibus account, where permitted.
• VBM can register shares, bonds, bills of exchange and fund units in book-entry form, in both Icelandic krónur and other currencies.
• Safekeeping of securities and entitlements.
• VBM provides access to information about upcoming interest payments and principal repayments.
• VBM facilitates the payment of dividends from a public limited company to an account operator.
• VBM facilitates the payment of interest and principal repayments from issuers.
• VBM acts as an intermediary for other corporate actions at the issuer’s request.

• Settlement of exchange trades in dematerialised securities.
• Settlement of other transactions in dematerialised securities in accordance with trading instructions.
• VBM settlement times in the Central Bank of Iceland’s Interbank System are 10:00, 13:30 and 15:30.

• Settlement of exchange trades in dematerialised securities.
• Settlement of other transactions in dematerialised securities in accordance with trading instructions.
• VBM settlement times in the Central Bank of Iceland’s Interbank System are 10:00, 13:30 and 15:30.

Commission Delegated Regulation No. 2021/ees/66/02

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