Post Trade - CC&G and Monte Titoli

Offers efficient clearing, settlement and custody services for cash equity, derivative, commodity and fixed income markets, mostly in Italy.

Income contribution CY 2015 

Sub-segment Main types of revenue Customer profile Highlights KPIs
Clearing - CC&G • Fees based on trades or contracts cleared,
and Central Counterparty (CCP) services provided
• Net interest on cash and securities held for margin
and default funds
• 159 members, mainly banks and brokers, over 40%
of which are based outside Italy
• Clearing of equity and derivatives volumes increased by 10%
  • Number of equity and derivative contracts cleared 2015: 120.1m
    (2014: 108.7m)
  • Average initial margin held 2015: €12.3bn
    (2014: €9.9bn)
Settlement & Custody - Monte Titoli • Revenue mostly from the settlement of equity and fixed income trades
• Custody fees are charged on the issuance of an equity or fixed income instrument, when dividend and interest payments are made and on any corporate action
• Wide range of Italian and international banks and brokers for both on market and OTC trades.
• Issuers of equity and fixed income products (Italian and international)
• Monte Titoli was the largest CSD to participate
in the initial wave of T2S
• Settlement rate of 98–99% of trades, post T2S migration
  • Settlement instructions handled 2015: 60.3m
    (2014: 64.8m)
  • Monte Titoli’s assets under custody 2015: €3.31tn
    (2014: €3.35tn)