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).
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
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