After a very brief introduction to securities clearing, this text discusses transactions in book-entry securities as governed by the Belgian Royal Decree nr. 62, as coordinated on January 27 2004. This Decree is applicable to the settlement activities of Euroclear NV/S.A., irrespective of where securities are actually kept in custody, and is consequently of international importance, especially since it governs important aspects of the settlement of trades on Euronext.