Senior hire and Board changes to strengthen LSEG Post Trade
- Ex-Citigroup Managing Director to join Boards of CC&G and Monte Titoli together with Kevin Milne
London Stock Exchange Group today announced the appointment of Kevin Milne and Giulio Di Cerbo to the Boards of Monte Titoli SpA and Casa di Compensazione & Garanzia SpA.
Kevin Milne, Director of Post Trade at the London Stock Exchange Group has been appointed Vice Chairman of both entities and will be joined by Giulio on the boards of the Group's clearing and settlement companies.
Giulio, who recently joined the group as a Senior Adviser to its Post Trade Division, has over 30 years of International financial markets experience, having built solid business relationships globally with a multitude of financial institutions. Most recently he was Managing Director of Citibank Global Transaction Services where he built and led the global financial intermediaries post trade Clearing and Custody business which spanned over 50 countries.
Kevin Milne, Director of Post Trade, London Stock Exchange Group, said:
"We are thrilled to welcome Giulio to the Group. He is very well known and highly respected within the global securities industry for his considerable international securities knowledge his strong innovative skills and global client experience. Giulio will be key adviser to the Group as we build our post trade business. His active involvement on the Boards of CC&G and Monte Titoli will be invaluable in transforming our prized Italian post trade assets into highly successful international businesses."
Giulio is an Italian citizen and lives in the UK.
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Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group is Europe's leading diversified exchange business, incorporating Borsa Italiana and the London Stock Exchange. With over 500 member firms and more than 3,000 companies quoted across its markets, the Group operates the largest and most liquid equity marketplace in Europe.
The London Stock Exchange itself is the world's most international exchange with more than 600 overseas companies from over 70 countries. These figures include international companies quoted on the Alternative Investment Market (AIM), the London Stock Exchange's growth market, and the world's most successful market for small and medium sized enterprises with over 1,200 companies.
The Group offers trading in a wide range of instruments, holding the number one position in the trading of exchange-traded products (ETFs and ETCs) and through its interest in MTS, is Europe's leading platform for the trading of fixed income products. Through the Order Book for Retail Bonds and Mercato Telematico delle Obbligazioni (MOT) the Group also offers a comprehensive range of UK and European corporate and government bond trading services. Its Italian Derivatives Exchange Market (IDEM) sees over €2.5 billion worth of trading every day and through EDX London the Group provides a facility for the trading of Scandinavian and Russian equity derivatives.
London Stock Exchange Group also offers post-trade services such as netting, clearing and settlement on an efficient and competitive basis. These include services from Monte Titoli, the Central Securities Depository for all Italian financial instruments, and Cassa di Compensazione & Garanzia (CC&G), which in July 2009 was granted Recognised Overseas Clearing House (ROCH) status by the FSA to operate in the UK.
With the acquisition of MillenniumIT, the Group encompasses a leading developer of low cost high performance trading platforms and financial markets software serving both the industry and the Group's own businesses.
Since February 2010 London Stock Exchange Group has owned a majority stake in Turquoise, a Multilateral Trading Facility (MTF) providing pan-European and US lit and dark equity trading in some 2,000 securities across 19 countries.
About Cassa di Compensazione & Garanzia:
CC&G manages the Central Counterparty (CCP) services on a broad range of trading venues and asset classes: shares, warrants and convertible bonds listed on MTA market, ETFs and ETCs listed on ETFPlus, stock and index futures and options as well as energy futures listed on IDEM Equity and IDEX, closed-end funds, investment companies and real estate investment companies listed on MIV, Italian government bonds listed on MTS, EuroMTS and BrokerTec. CC&G's presence eliminates counterparty risk, becoming the guarantor of the final settlement of the contracts, acting as buyer towards each seller and as seller towards each buyer.
About Monte Titoli:
Monte Titoli is a multifunctional company operating post-trading activities and centralised administration of financial instruments. Monte Titoli is committed to creating value for its clients, stakeholders and employees by providing competitive, efficient and secure services in a framework of international co-operation.
Monte Titoli was founded in 1978 and since 1986 has been the Italian Central Securities Depository for all Italian financial instruments (Italian Government bonds included, since 2000) currently centralised at the company almost exclusively in dematerialised form.
Since 1989 Monte Titoli has also undertaken the role of settlement system for the final settlement of securities balances calculated by the multilateral net clearing system (LdT - Liquidazione dei Titoli) managed by Banca d'Italia.
In October 2000 Banca d'Italia and Consob authorized Monte Titoli to manage the clearing & settlement services for non derivatives financial instruments transactions, allowing Monte Titoli to launch Express, the Delivery versus Payment Real-time gross settlement service in November 2000, and in December 2003, Express II the Clearing & Settlement platform which has integrated the current gross functionalities with multilateral netting functionalities in a single environment.
At present, Monte Titoli offers its participants a wide range of services by means of a high degree of straight-through-processing that allows the management of growing volumes of business with significant economies of scale: Monte Titoli is currently one of the most efficient, cost effective securities settlement systems in Europe.
Monte Titoli's services are available through different communication channels: RNI (the domestic interbank network), SWIFT and MT-X - Monte Titoli Internet Communication System (a web based platform).