CC&G selects its own Members on the basis of supervisory capital, technical and organizational criteria.
Who can become a Member?
- Banks and Investment Firms authorized to provide Investment Services in Italy.
- Those authorized to provide such Services subject to mutual recognition.
- Other Members of markets guaranteed by CC&G who have signed the agreement with a GCM to become a NCM.
Types of Membership
It is possible to subscribe to CC&G as: General Clearing Member, Individual Clearing Member and Non-Clearing Member. Only General Clearing Members and Individual Clearing Members participate in the system as counterparties of CC&G (Direct Members), while Non-Clearing Members participate in the system through a General Clearing Member. The General Clearing Member becomes a counterparty of CC&G for proprietary and/or client and/or Non-Clearing Members’ transactions.
Individual Clearing Members become counterparties of CC&G for proprietary and/or client transactions.
Non-Clearing Members stipulate an agreement with a General Clearing Member so that the latter becomes counterparty of CC&G for the Non-Clearing Member’s proprietary and/or client transactions.
In the event of membership to more sections, it is possible to choose a different membership type for each section. Non-Clearing Members can select a different General Clearing Member for each section.
In order to benefit from cross-margining on cash-derivates integrated portfolios, it is necessary to be General or Individual Clearing Members of both sections, or, if Non-Clearing Members, to use the same General Clearing Member for both sections.
CC&G selects its Clearing and Non-Clearing Members on the basis of the following requirements:
London Stock Exchange Group promotes and offers the post-trading services of Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects who so request and are qualified in accordance with national and community legislation, applicable rules and decisions of the competent Authorities.