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Technological Infrastructure

Access to the clearing system is offered with different IT solutions, in order to satisfy the needs of all Members.

BCS (Bit Clearing Station)

The BCS allows the following functions:

  • International give-up;
  • Trade transfer at T+1 and T+2;
  • Position transfer;
  • Trade splitting;
  • Gross position change;
  • Early exercise and exercise by exception on the expiry day;
  • Open/close code change;
  • Client code change;
  • Opening of sub-accounts;
  • Allocation of shares as a guarantee to derivatives positions;
  • Display of executed trades;
  • Display of open positions;
  • Display of deposited cash and securities;
  • Display of Reports and Data Files.

BCS Configurations

BCS is available in three different configurations, to suit the relevant membership profile:

  • BCS-GCM for General Clearing Members. It allows operations also on behalf of Non Clearing Members.
  • BCS-ICM for Individual Clearing Members.
  • BCS-NCM for Non Clearing Members. It enables early exercise, exercise by exception on the expiry day, open/close code change, client code change and display of trades executed and open positions. International give-up, position and trade transfers, gross position change, opening of sub-accounts, allocation of shares as a guarantee to derivatives positions (Options and Futures) and display of Reports or Data Files are available to the NCM only with the authorization of the GCM.

BCS Versions

BCS is available in the following versions:

  • BCS-WS: stand alone windows workstation;
  • BCS-API: Application Program Interface to automate the end-to-end processing of transactions;
  • BCS PLUS, both WS and API, allows the automation of the International give-up.

The BCS-WS and BCS-API documentation is available on CC&G website in the section: “Borsa Italiana – Servizi di Trading – BCS”.

Connectivity and communication protocol

As BCS is integrated to Market network, trading members may use the same lines currently operating for access to the market with HTTPS or VPN client communication protocol. Pure Clearers must activate the connection between communication protocol and Internet with HTTPS, VPN Client or VPN tunnel IP sec communication protocol.

ICWS (Internet Clearing Work Station)

ICWS enables the following functions:

  • Display of Reports and Data Files;
  • Display of accounting data related to Default Funds.

ICWS Configurations

ICWS is available in three configurations, to suit the relevant membership profiles of CC&G Members:

  • ICWS-GCM for General Clearing Members. It allows operations also on behalf of Non Clearing Members;
  • ICWS-ICM for Individual Clearing Members.
  • ICWS-NCM for Non Clearing Members. It allows the download of clearing reports and Data Files. It can be provided only with the authorization of the General Clearing Member.

Connectivity and communication protocol

ICWS is available on Internet network with HTTPS communication protocol with digital certificate

FTP (File Transfer protocol)

Clearing reports and Data Files can be downloaded on the server FTP.icws.it, through automated procedures.