BCS (Bit Clearing Station)

BCS (BIT Clearing Station), the access interface, was originally created for the clearing functions of the Derivatives Section, then it was extended to cover all the other Sections.

The clearing functions, that can be activated through BCS, are the following:

  • international give-up
  • splitting
  • position transfer
  • trade transfer up to T+5
  • gross position change
  • early exercise and exercise by exception on the expiry day
  • opening/closing code change
  • client code change
  • opening of sub-accounts
  • allocation of shares as a guarantee to derivatives positions
  • real-time events

BCS Configurations

BCS is available in three different configurations depending on the type of membership to the Section:

  • BCS-GCM for General Clearing Members (GCM). It allows post-trading operations in a client's or own account and/or on behalf of Non Clearing Members, and also allows clearing reports to be downloaded. The General Clearing Members can perform international give-up, splitting, position transfer, contract transfer, gross position change, opening of sub-accounts and allocations of shares as a guarantee to derivatives positions for his Non Clearing Members.
  • BCS-ICM for Individual Clearing Members (ICM). It allows post-trading operations in a client's or own account and the clearing reports to be downloaded.
  • BCS-NCM for Non Clearing Members (NCM). It enables early exercise, exercise by exception on the expiry day, opening/closing code change and client code change. International give-up, position and trade transfers, gross position change, opening of sub-accounts and allocation of shares as a guarantee to derivatives positions are available to Non Clearing Members only with the authorization of the General Clearing Member.

The BCS system is connected in real time with the CCG clearing system.

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 Borsa Italiana 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.