Bonds

What we do

For the Bond Section, the Management Companies with whom CC&G has appropriate Agreements are:

  • Borsa Italiana S.p.A., limited to Financial Instruments traded on MOT Market – DomesticMOT segment;
  • MTS S.p.A., limited to Italian government securities traded on MTS Market;
  • EuroMTS Ltd, limited to Italian government securities traded on EuroMTS Market;
  • ICAP Electronic Broking Ltd, limited to Italian government securities traded on BrokerTec trading platform.
  • EuroTLX Sim S.p.A., limited to Financial Instruments traded on the EuroTLX multilateral trading facilities, settled in the Settlement System managed by Monte Titoli;
  • Hi-MTF Sim S.p.A., limited to Financial Instruments traded on the HiMTF multilateral trading facilities, settled in the Settlement System managed by Monte Titoli.

With reference to the MTS Market, the EuroMTS Market and the BrokerTec trading platform, for the Italian government securities traded thereon, CC&G has entered into agreements with a Special Clearing Member.

Collateral

To cover Initial Margins:

Securities (Max 50% from two or more Issuer or 45% from one Issuers)

  • Austria, Belgium, Finland, France, Germany, Italy, Ireland, Netherlands, Spain Government Bonds traded on MTS Market with application of limits

Cash (50%)

  • only Euro Central Bank Money through Target 2 Direct Debit (CCP have this power being Ancillary system of Target2);

To cover Default Funds Cash (100%)

  • only Euro trough Target 2 Direct Debit.

Default management

All CC&G procedures, including the Default Management are aimed to work out the default of a Clearing Member in the seamless and fastest way, taking into account the non-defaulting Participants and the entire market system

In case of default of a participant, market integrity is preserved by a multi tiered financial safeguard system

Default management