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 2018 

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

• 149 members, mainly banks and brokers, of which 54% are based outside Italy

• CC&G delivered CCP advisory projects for Casablanca Stock Exchange in April 2018 and Bucharest Stock Exchange in November 2018

• Number of equity and derivative contracts cleared 2018: 111.9m (2017: 108.3m)

Average initial margin held 2018: €11.0bn (2017: €11.1bn)

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)

• Settlement rate of 97% of trades

• Settlement instructions handled 2018: 45.4m (2017: 44.6m)

• Monte Titoli’s assets under custody 2018: €3.29tn
(2017: €3.27tn)