What we do
The Management Companies with which CC&G currently has agreements for the ICSD Bond Section are:
- Borsa Italiana S.p.A., only for the Financial Instruments traded in the MOT Market – EuroMOT segment and in the ExtraMOT Market;
- EuroTLX Sim S.p.S, only for the financial instuments that settle in the ICSDs (Euroclear Bank S.A. and Clearstream Banking Luxembourg)
- Hi-MTF Sim S.p.A., only for the Financial Instruments that settle in the ICSDs (Euroclear Bank S.A. and Clearstream Banking Luxembourg).
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 very moment of the conclusion of the Trade.
- 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)
Please refer to pricing section for more information
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
- 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.
CC&G follows the Intended settlement date netting criteria in the creation of settlement balances
Net settlement balances are created by CC&G and sent to ICSDs on ISD-1
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).
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
Please refer to Reporting section for more informations