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;
  • e-MID SIM S.p.A., limited to Financial Instruments traded on the eMID Repo 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.

Trade processing

Trades are sent in real time by Markets and automatically registered in the clearing accounts based on the information of the trade.

Novation occurs:

  • at the moment of the conclusion of the contracts for Markets where CC&G is the only Central Counterparty (I.e. All markets with the exception of MTS and Brockertec) and,
  • at the moment CC&G receives the contract concluded on Markets where the CCP Service is operated jointly by CC&G and a linked CCP

Clearing reports are distributed to clearing members through the clearing work stations, ICWS and BCS.
Clearing members can also view in real time in the clearing working station their activity in all the clearing sections (trades, positions, cash and securities balances)

Fees

Please refer to pricing section for more information

Pricing

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.

Pre-Settlement

CC&G follows the Intended settlement date netting criteria in the creation of settlement balances

Settlement balances are created in real time and sent to T2S on SD -1 by Monte Titoli on behalf of CC&G

Monte Titoli for more information

Customer Protection

CC&G is committed to protecting Clearing Members and their clients thurough rules, policies and actions that reduce and mitigate risks in compliance with the European Market Infrastructure Regulation (EMIR).

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

Reporting

Please refer to Reporting section for more informations

Reporting