ICSD Bonds

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).

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 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)

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

Net settlement balances are created by CC&G and sent to ICSDs on ISD-1

Netting Rules

MT541, MT543 samples

Settlement Data Service

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