Pledge to Bank of Italy
X-COM makes easier for its participants to access operations with the central bank.
Clients can collateralise eligible securities both for monetary policy and intraday liquidity operations in central bank money.
XCOM provides a re-use facilities with the central bank: clients may re-use collateral coming from market trades in operations with Bank of Italy.
In this way clients are able in fact to net their liquidity position.
The re-use feature is aimed at meeting these needs, in particular with regard to the operations of cash providers, up to the full value (the global amount principle).
Benefits of the re use within X-COM:
- Neutral representation of the liquidity position at treasury level
- Greater flexibility involving securities received from the market
- Optimisation of the unencumbered portfolio for intraday liquidity purposes (BCBS 248 compliant)
- Automatic mobilisation on the Bank of Italy's pool account.