Trading of classic repos at fixed and floating rate X-TRM Operating model
|
|
- Lee Grant
- 6 years ago
- Views:
Transcription
1 Trading of classic repos at fixed and floating rate X-TRM Operating model July 10th, 2015 Version 2
2
3 Index Classic Repos 1.0 INTRODUCTION CLASSIC REPOS: MANAGEMENT INTO THE X-TRM SERVICE TRADING PLATFORMS X-TRM SERVICE SENDING OF CONTRACTS TO CCP AND CALCULATION OF BILATERAL NET BALANCES SETTLEMENT SYSTEM FLOATING RATE TRADING PLATFORMS X-TRM SERVICE SENDING OF CONTRACTS TO CCP AND CALCULATION OF BILATERAL NET BALANCES SETTLEMENT SYSTEM 10
4 1.0 INTRODUCTION The present document describes the functional requirements for the management of fixed and floating rate classic repos in the post-trading X-TRM service. These products, already common in other European government bond markets, represent for the Italian market the evolution of the actual money market, where only the Buy-Sell-Back is managed. Together with the changes that are closely related to the X-TRM service, this document even explains briefly technical and operational changes required to those actors involved into the value chain of the securities industry. 2.0 CLASSIC REPOS: MANAGEMENT INTO THE X-TRM SERVICE Classic repos are a type of alternative repos to Buy-Sell-Back (BSB). The main operational features of Classic repos, in addition to the legal ones, are the following: The countervalue of the forward leg is quantified by adding the tel-quel value of the spot leg to the repo interest, calculated by using the repo rate over the contract duration. differently from the BSBs, it s not computed the forward price, which is not consequently mentioned into the post-trading services operations. The forward value does not consider any coupon payments between the settlement date of the spot leg and the settlement date of the forward leg. Those amounts must be recognized by the buyer to the seller (of the spot leg) on the coupon payment date because, although the settlement of the spot leg determines the transfer of the financial instruments ownership from the seller to the buyer, the coupons must be recognized to the seller. The following paragraphs set out the functional requirements of the X-TRM service for the management of classic repos. Post-trading Service functionalities are closely related to those adopted by trading platforms and by the CCP, whereby the STP (Straight through processing) flow from trading to settlement is analyzed from a top-down view, as it is shown in Figure 1. 4
5 Trading platforms X-TRM CCPs SSSs Figure TRADING PLATFORMS Trading platforms connected to the X-TRM service dealing Classic repo must indicate, into the contract, the type of repurchase agreement. This allows X-TRM to process the contract and to perform the validation activities (verification of correctness of data sent) and enrichment (completion of the contract with post-trading data and calculation of the settlement values) according to the specific rules for the type of contract. The identified solution provides the introduction of a new "type of operation" (eg. PCR) that is specific for classic repos, while the source and the trading market remain unchanged. BSBs are identified with the operation type "PCT" both into the contract transmission flow from trading platforms and into the X-TRM service. According to this approach, trading platforms must submit the contracts to the X-TRM service, specifying a different operation type depending on the type of contract that is executed; X-TRM processes the trade basing on the specific arrangements of the classic and the BSB repo. 2.2 X-TRM SERVICE The X-TRM service identifies the type of repo and consequently performs the validation, the enrichment, the doubling and, in case of transactions that are guaranteed by the central counterparty (the CCP), the technical novation and the contract forwarding to the involved CCPs. Since classic repos will be identified by a new type of transaction, the information flow from X-TRM to CCPs and participants have been adjusted. The calculation carried out by X-TRM of the forward price, accrued interests and countervalues has to be modified consequently. The new financial formulas have been modified as following: 5
6 Spot Leg No changes are required to the current formulas used in X-TRM for BSBs. Forward Leg Since the forward value of repo contracts is determined without computing a forward price, the X-TRM will directly calculate the value using the following formula 1 : ForwardCountervalue = SpotTelQuelCountervalue + RepoInterest Where the repo interest is computed using the following formula: RepoInterest = SpotTelQuelCountervalue x RepoRate x RepoDuration 100 CalculationBasis The duration in days of the repo is quantified using the actual money market method, which can be ACT / 360 or ACT / 365, depending on the instruments. The instructions generated by the X-TRM service, related to the classic repo forward legs, do not show the forward price and the forward accruals, but they separately report the tel-quel value of the spot leg and the repo interest. Whenever between the Intended Settlement Date of the spot and forward leg there is a coupon payment, X-TRM automatically generates, upon receipt of the contract, a compensation on the security ISIN code, through which the spot buyer recognizes to the seller, on the coupon payment date, the amount of this latter, calculated using the following formula: ManufacDividend = Quantity x CouponRate 1 The aim of this formula is to provide a rough indication of the calculation method, thus rounding and truncation have been deliberately omitted 6
7 The compensation is sent up to Target2-Securities. The management of the compensation differs between NO CCP and CCP operations Contracts not guaranteed by CCP The compensation created (one for each received classic repo) will be sent to the settlement system T2S. Contracts guaranteed by CCP The compensation created (one for each received classic) won t be sent to T2S, because such operations will be created as the original not sendable contracts; they will contribute in the calculation of the net bilateral balance between the participant and the related CCP. The not sendable compensation, related to the coupon, is sent also to CCP, since it contributes to the generation of balances. If the original contract is cancelled before the coupon payment, the compensation previously created should be deleted. If the coupon payment already took place, it will be up to the single participants involved in the trade to insert a compensation adjustment. Note also that the creation of the compensation and its settlement is independent from the effective settlement both of the spot and of the forward legs. In order for participants to identify the instruction related to the coupon, the compensation is marked with the source CPA. Whenever the coupon payment or the reimbursement of the financial instrument, underlying the repo, takes place between the intended settlement date and the expiration date of the settlement instruction, current rules of corporate actions will be applied. 2.3 SENDING OF CONTRACTS TO CCP AND CALCULATION OF BILATERAL NET BALANCES Classic repos are managed on the base of the interaction model among trading platform, X-TRM and CCP, currently in use for the BSBs 2 processing. The trade information flow from X-TRM to CCP has been adapted to allow the CCPs to identify the type of traded repo. Timing and mode to calculate the net balances have remained unchanged and, based 2 Risk management functionalities of CCPs that might require some adjustments are not described by this document. 7
8 on the same netting criteria, classic repos and BSBs are included into the same bilateral net balance with CCP. The compensations created by X-TRM, based on coupon payments, will be considered into the computation of the bilateral net balance. 2.4 SETTLEMENT SYSTEM No changes are required to the settlement service for the management of Classic repo. 3.0 FLOATING RATE Floating rate repos are classic repos that envisage, at the conclusion of the contract, a spread (positive or negative) on a pre-defined floating rate. This spread is determined after the negotiation. The most commonly used reference rate is the EONIA rate (Euro Overnight Index Average), which is daily published by BCE 3. Following paragraphs describe the operating model to manage these contracts. 3.1 TRADING PLATFORMS As trading platforms send floating rate repos to the X-TRM service, they have to report into the information flow the following specific information that differ from those required for the fixed rate repos: Fixed/floating rate repos This information allows the X-TRM service to distinguish between floating rate repos and fixed rate ones. The new message layouts have been modified to envisage an indicator that allows the distinction between floating rate and fixed rate repos. Floating rate type This information allows X-TRM to identify the type of floating rate that has to be applied for the computation of the repo interest (eg. EONIA, SONIA, etc.). The message layout used by trading platforms has been modified introducing a field, which identifies the used floating rate type. Spread on the reference floating rate 3 In this document, the EONIA rate is used as an example, bearing in mind that other reference rates may be used in the negotiation of floating rate repo. 8
9 This provides the value in basis points, which has to be summed or subtracted to the floating rate, after the last reference rate is fixed. The value contained in this field is equal to the PCT rate in case of classic repo or BSB at fixed rate, and the spread value for floating rate repo. 3.2 X-TRM SERVICE Spot Leg The evaluation method used for floating rate repos is the same applied to BSBs and to the classic repos at fixed rate. Whereby, no changes are required to the current formulas that are applied into the X-TRM service. Forward Leg The value of the forward leg is calculated using the following formula, which is the same applied for classic repos at fixed rate: ForwardCountervalue = SpotTelQuelCountervalue + RepoInterest Where the repo interest is calculated using the following formula: RepoInterest = SpotTelQuelCountervalue x RepoRate x RepoDuration 100 CalculationBasis The main difference stands into the way the repo rate is calculated. The applied formula is the following: 9
10 RepoRate = N 1 i=1 EONIAi + Spread N 1 i = number of days between the spot leg date (included) and the forward leg date N (excluded) Since the EONIA rate is published by the ECB around 19:00 CET, the value of the forward leg is computed through the following method: 1. Once received the trade from the trading venue, X-TRM calculates the spot leg value. At the same time, it defines the forward leg value by using the tel-quel value of the spot leg 2. Everyday, and in any case after the publication of the EONIA rate of that day, X-TRM computes, for the transactions with settlement date the following day, the final value of the forward leg floating rate repos, thus determining the real settlement value. 3. As soon as the EONIA rate is published, X-TRM updates, every day, the forward leg value of each contract. 4. For those forward contracts whose settlement date coincides with the following day, X-TRM updates all the forward legs and the bilateral net balances that are sent to T2S. To allow the above described processing, a X-TRM data base will store then all EONIA rates. 3.3 SENDING OF CONTRACTS TO CCP AND CALCULATION OF BILATERAL NET BALANCES Classic repos are managed with an interaction model between trading platform, X-TRM and CCP, which is the same currently used for the BSBs 4 processing. The flow of contracts that X-TRM sends to CCPs remains unchanged. 2.4 SETTLEMENT SYSTEM It is not required any change at the settlement system for the management of the floating rate classic repos. 4 Risk management functionalities of CCPs that might require some adjustments are not part of this document. 10
11
12 Disclaimer The publication of this document does not represent solicitation, by Borsa Italiana S.p.A., of public saving and is not to be considered as a recommendation by Borsa Italiana as to the suitability of the investment, if any, herein described.this document has not to be considered complete and it is meant for information and discussion purposes only. Borsa Italiana accepts no liability, arising, without limitation to the generality of the foregoing, from inaccuracies and/or mistakes, for decisions and/or actions taken by any party based on this documents. Trademarks Cassa di Compensazione e Garanzia and CC&G are owned by Cassa di Compensazione e Garanzia S.p.A. Trademarks Monte Titoli, X-TRM and MT-X are owned by Monte Titoli S.p.A. London Stock Exchange, the coat of arms device and AIM are a registered trade mark of London Stock Exchange plc. The above trademarks and any other trademark owned by the London Stock Exchange Group cannot be used without express written consent by the Company having the ownership of the same. Borsa Italiana S.p.A. and its subsidiaries are subject to direction and coordination of London Stock Exchange Group Holdings (Italy) Ltd Italian branch. The 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. Contact Details Post Trade Sales E: pt.sales@lseg.com T: Monte Titoli S.p.A. Piazza degli Affari, Milano
Trading of classic repos at fixed and floating rate X-TRM Operating model
Trading of classic repos at fixed and floating rate X-TRM Operating model 19th September 2017 Version 2.1.12 Index Classic Repos 1.0 INTRODUCTION 4 2.0 CLASSIC REPOS: MANAGEMENT INTO THE X-TRM SERVICE
More informationSigning Ceremony for Target2-Securities Riding the first wave
Signing Ceremony for Target2-Securities Riding the first wave Frankfurt, May 8 th 2012 Paolo Cittadini CEO Monte Titoli 2 T2S is a key enabler for the LSEG post-trade strategy LSEG strategy builds on harmonisation
More informationMonte Titoli. Global Coordinator in OPA & OPS. London Stock Exchange Group
Monte Titoli in OPA & OPS London Stock Exchange Group main tasks in Public Tender Offers launched in the Italian market: Assist the appointed legal counsel to review the operational procedures included
More informationT2S: Two Years to Launch
T2S: Two Years to Launch The Strategy of London Stock Exchange for T2S The London Stock Exchange offer for T2S: a flexible and efficient solution 1 2 3 Objectives Maximum flexibility and efficiency Guarantee
More informationAnnex 3 T2S Community - SETTLEMENT Test Plan
T2S Test Plan Annex 3 T2S Community - SETTLEMENT Test Plan 5th February 2015 Version 1.0 Index 1.0 INTRODUCTION 4 2.0 TESTING PURPOSE 5 3.0 STAKEHOLDERS 5 4.0 TESTING GUIDELINES FOR PARTICIPANTS 6 5.0
More informationIDEX. Italian Derivatives Energy Exchange: where power meets transparency
IDEX Italian Derivatives Energy Exchange: where power meets transparency IDEX Overview IDEX is the Energy Derivatives segment of IDEM, the Italian derivatives market managed by Borsa Italiana, a company
More informationETFplus Functionality: Cross Orders, Block Trade Facilities and Request For Quotes
ETFplus Functionality: Cross Orders, Block Trade Facilities and Request For Quotes Effective 26 th March 2018 Contents 1.0 Overview 3 2.0 Benefits 5 2.1 Cross Orders and BTFs 5 2.2 RFQs 6 3.0 Changes to
More informationTO ENHANCE A PORTFOLIO'S POTENTIAL YIELD. Covered Warrants and Leverage Certificates
TO ENHANCE A PORTFOLIO'S POTENTIAL YIELD Covered Warrants and Leverage Certificates Contents Foreword 1 Covered Warrants 2 Leverage certificates 5 Useful definitions 7 The SeDeX market 8 II Covered Warrants
More informationClearstream Bank Frankfurt link update
Clearstream Bank Frankfurt link update Activation of matching feature for trades execution with securities movement only (FOP operations) and for DVP the possibility to choose if to us the RTG system October
More informationA Guide for Market Makers on ETFplus
A Guide for Market Makers on ETFplus Effective 10 rd October 2018 1.0 Introduction 3 1.1 Scope 3 1.2 Summary 3 1.3 Registration Process 6 1.4 Monitoring and Reporting 7 2.0 Specialist 7 2.1 Benefits to
More informationCC&G X-COM Collateral Management Reports and Flows
CC&G X-COM Collateral Management Reports and Flows Contents 1.0 OVERVIEW... 3 2.0 REPORT... 4 MX20 POSITIONS REPOTS... 4 MX21 FAIL POSITIONS... 6 MX22 EXPIRY DATE SL ADJUSTMENT... 8 MX23 COLLATERAL HELD
More informationMOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency
MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency MOT and ExtraMOT: the fixed income markets for retail and professional investors. MOT and ExtraMOT European leaders in terms
More informationE F F E C T I V E F R O M 2 A P R I L, Listing and Admission Fees
E F F E C T I V E F R O M 2 A P R I L, 2 0 1 3 Listing and Admission Fees Contents 1. Shares Page 1.1 Admission to listing or trading... 3 1.2 Half-yearly fee... 5 2. Bonds 2.1 Bonds and other debt securities
More informationMTA. Borsa Italiana s Main Market: shaping your ambitions
MTA Borsa Italiana s Main Market: shaping your ambitions Access to the capital markets has enabled Campari to pursue a successful strategy for the expansion and development of its business all over the
More informationSeDeX. The Certificates and Covered Warrants market: innovation and diversification
SeDeX The Certificates and Covered Warrants market: innovation and diversification SeDeX This regulated electronic market allows investors to trade efficiently thousands of listed instruments in real time.
More informationINNOVATION AND DIVERSIFICATION. SeDeX The Certificates and Covered Warrants Market
INNOVATION AND DIVERSIFICATION SeDeX The Certificates and Covered Warrants Market Contents Introduction 1 Historical evolution and current segmentation 2 Market rules and listing requirements 3 Trading
More informationAIM Italia/Mercato Alternativo del Capitale Provisions on Related Party Transactions
AIM Italia/Mercato Alternativo del Capitale Provisions on Related Party Transactions The Italian text of these Rules shall prevail over the English version Provisions on Related Party Transactions These
More informationMonte Titoli. Rules of X-COM COLLATERAL MANAGEMENT Service. 26 September 2016
Monte Titoli Rules of X-COM COLLATERAL MANAGEMENT Service 26 September 2016 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i o n 1 Contents PART I - GENERAL PROVISIONS...
More informationEMIR reporting guide. Covering the revised RTS and ITS (applicable from 1 st November 2017)
EMIR reporting guide Covering the revised RTS and ITS (applicable from 1 st November 2017) Version 1.0 22/09/2017 1.0 Version control Version Description First release covering the revised standard applicable
More informationMTS CORPORATE. Wholesale Regulated Market of Non- Government Bonds, Supras and Agencies Bonds INSTRUCTIONS. Effective as of 22 August 2016
MTS CORPORATE Wholesale Regulated Market of Non- Government Bonds, Supras and Agencies Bonds INSTRUCTIONS Wholesale regulated market operated by MTS S.p.A MTS CORPORATE WHOLESALE REGULATED MARKET OF NON-GOVERNMENT
More informationMonte Titoli Instructions X-TRM Service
Monte Titoli 9 September 2013 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i o n C O N T E N T S 1 INTRODUCTION... 4 2 DESCRIPTION OF THE SERVICE... 4 3 DEFINITIONS...
More informationI nuovi servizi per gli emittenti. Palazzo Mezzanotte, Milano, 28 Maggio 2013
I nuovi servizi per gli emittenti Palazzo Mezzanotte, Milano, 28 Maggio 2013 I nuovi servizi per gli emittenti XE Eurobonds Raising the bar Andrea Tranquillini Head of Network Management & International
More informationPrice list for trading services
Price list for trading services Pursuant to art. 3.3.4 of the Rules and to art. 25 of the Rules of MAC, to art. 1300 Annex to of General the AIM Condition Italia Part Membership II Borsa Italiana Services
More informationCC&G. Your global Post Trade partner
CC&G Your global Post Trade partner CC&G prides itself on the robustness of its clearing platform, enabling our clients to conduct their business safely, securely and with confidence in our full service
More informationTest plan general view
T2S COMMUNITY TEST Test plan general view 22 nd 17 th April 2015 Formatted: Superscript Version 2.01 Content 1.0 INTRODUCTION 4 2.0 TEST APPLICABILITY 4 3.0 TEST SUPPORT 6 4.0 TESTING OUTCOME 7 5.0 SET-UP
More informationACCOMPANYING INSTRUCTIONS
ACCOMPANYING INSTRUCTIONS FOR THE e-mider MULTI-CURRENCY MARKET REGULATIONS PART ONE GENERAL PROVISIONS Article 2. Definitions... 1 Article 3. Trading hours (Article 15 of the Rules)... 2 PART TWO EURO
More informationRepo X-COM Margining methodology. X-MAR Manual
Repo X-COM Margining methodology Version 1.0 October 2016 1. FOREWORD... 3 2. IRMA MARGINS... 5 2.1. Penalty for failure... 6 2.2. Calculation of IRMA Margins with positive rate... 9 2.2.1. IRMA - Collateral
More informationAdaptation of Monte Titoli service to T2S Preliminary assessment of changes
Adaptation of Monte Titoli service to T2S Preliminary assessment of changes Incontro del NUG Italia Milano, 10 Settembre 2009 Autore/Relatore: Paolo Carabelli Disclaimer These slides and the documents
More informationService Model. Clearing Service for corporate and government bonds settling at ICSDs
Service Model Clearing Service for corporate and government bonds settling at ICSDs March 4 th 2013 CCG-Links-SM-v7.2-ita-SO CCG ICSDs - Service model Page: 1 Index Foreword... 3 1. Service Model... 4
More informationAN INSTRUMENT FOR EVERY INVESTMENT IDEA. Investment Certificates
AN INSTRUMENT FOR EVERY INVESTMENT IDEA Investment Certificates Contents Foreword 1 General features 2 The range of certificates 3 The underlyings 6 The SeDeX market 7 Useful information 8 II Investment
More informationCENTRAL COUNTERPARTY GUARANTEE SYSTEM FOR THE REPO X-COM SECTION SERVICE MODEL
CENTRAL COUNTERPARTY GUARANTEE SYSTEM FOR THE REPO X-COM SECTION SERVICE MODEL Versione 4.9.2 Contents 1.0 GENERAL FEATURES 4 1.1 1.2 Subject of the Service 4 Membership of the Repo X-COM Section4 2.0
More information1. the prior information in writing by the receiving counterparty to the providing counterparty of the risks and consequences inherent:
Information statement under Article 15 of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on the transparency of securities financing transactions, and the re-use
More informationCassa di Compensazione e Garanzia. Fee Schedule for The Central Counterparty Guarantee System
Cassa di Compensazione e Garanzia Fee Schedule for The Central Counterparty Guarantee System In force from August, the 31 st 2015 Summary 1. ANNUAL MEMBERSHIP FEES... 3 1.1. SHARES AND EQUITY DERIVATIVES
More informationMTS ITALIA. Regulated Wholesale Market of (Cash and Repo) Government Bonds. Instructions. Effective as of 2 January 2017
MTS ITALIA Regulated Wholesale Market of (Cash and Repo) Government Bonds Instructions Wholesale regulated market operated by MTS S.p.A MTS ITALIA REGULATED WHOLESALE MARKET OF (CASH AND REPO) GOVERNMENT
More informationPrice list for trading services
IN FORCE AS OF OCTOBER 8 th, 2012 Price list for trading services Pursuant to art. 3.3.4 of the Rules, to art. 1300 of the AIM Italia Mercato Alternativo del Capitale Membership Rules, to art. 25 of the
More informationCBF Release in April and June 2015: Advance announcement of changes
CBF Release in April and June 2015: Advance announcement of changes Clearstream Banking 1 informs customers in advance about some changes that will be implemented on Monday, 27 April 2015 and Monday, 22
More informationDisclosure of prices and fees for clearing of Equity Derivatives, Cash Equity and Fixed Income.
EMIR Mps Capital Services Banca per le Imprese S.p.a. (MPSCS) Disclosure of prices and fees for clearing of Equity Derivatives, Cash Equity and Fixed Income. October 2017 Contents I. Background... pag.
More informationMarket making on the IDEM
Market making on the IDEM Index 1. Market making on the IDEM 3 2. Application process 5 3. Market making performance evaluation 5 4. Risk-protection functionalities 6 5. FTSE MIB* index futures and mini-futures
More informationECB-PUBLIC REGULATION (EU) 2018/[XX*] OF THE EUROPEAN CENTRAL BANK. of 7 December 2018
EN REGULATION (EU) 2018/[XX*] OF THE EUROPEAN CENTRAL BANK of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33) THE GOVERNING COUNCIL OF THE
More informationGuide to Post Trade Transparency Service
M I T 4 0 1 B I T M I L L E N N I U M E X C H A N G E Guide to Post Trade Transparency Service Issue 1.0 December 2014 Content Guide to Post Trade Transparency Service... 1 1 Introduction... 4 1.1 Purpose...
More informationECB-PUBLIC REGULATION (EU) [2018/[XX*]] OF THE EUROPEAN CENTRAL BANK. of [date Month 2018] amending Regulation (EU) No 1333/2014
EN ECB-PUBLIC REGULATION (EU) [2018/[XX*]] OF THE EUROPEAN CENTRAL BANK of [date Month 2018] amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/XX*) THE GOVERNING
More informationOfficial Journal of the European Union
25.1.2019 L 23/19 REGULATION (EU) 2019/113 OF THE EUROPEAN CTRAL BANK of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33) THE GOVERNING COUNCIL
More informationMarkets managed by Borsa Italiana: buy-in and sell-out procedures
Markets managed by Borsa Italiana: buy-in and sell-out procedures Introduction This document describes the compulsory execution procedures for contracts that are not settled within the prescribed settlement
More informationGENERAL CONDITIONS PART II. CC&G Services
GENERAL CONDITIONS PART II CC&G Services 1. - Definitions 1.1 Capitalized terms used in these General Conditions Part II shall be understood, unless indicated otherwise, to have the same meaning as the
More informationINSTRUCTIONS TITLE IA.3 PARTICIPATION OF INTERMEDIARIES IN THE MARKETS CHAPTER IA.3.1 CONDITIONS FOR ADMISSION TO TRADING AND MAINTAINING ELIGIBILITY
INSTRUCTIONS TITLE IA.3 PARTICIPATION OF INTERMEDIARIES IN THE MARKETS CHAPTER IA.3.1 CONDITIONS FOR ADMISSION TO TRADING AND MAINTAINING ELIGIBILITY Article IA.3.1.1 (Intermediaries admitted to trading)
More informationGENERAL CONDITIONS PART II. CC&G Services
GENERAL CONDITIONS PART II CC&G Services 1. - Definitions 1.1 Terms with their first letter in upper case used in these General Conditions Part II shall be understood, unless indicated otherwise, to have
More informationOperating rules for Settlement Services and related activities
Monte Titoli Operating rules for Settlement Services and related activities The changes will come into force upon migration to T2S This text shall be deemed provisional as it subject to approval by the
More informationCassa di Compensazione e Garanzia
DRAFT Cassa di Compensazione e Garanzia Instructions to the Rules 2 August 2018 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i o n INDEX TITLE A GENERAL PROVISIONS...
More informationWhy choose MTS Cash? Benefits Include: unique counterparties on the system daily
Discover MTS Cash Why choose MTS Cash? MTS Cash markets participants benefit from access to a liquid, transparent and efficient European bond marketplace and the largest interdealer network, with innovative
More informationLondon Stock Exchange Group Response to ESMA consultation on Guidelines for participant default procedures under CSDR
London Stock Exchange Group Response to ESMA consultation on Guidelines for participant default procedures under CSDR Introduction London Stock Exchange Group (LSEG) is a diversified international market
More informationInstructions of the X-COM COLLATERAL MANAGEMENT Service
Monte Titoli Instructions of the -COM COLLATERAL MANAGEMENT Service 26 March 2018 2 August 2018 The provisions highlighted concerning the operation of the non-guaranteed market section and OTC will be
More informationSeptember 3 rd SUBJECT: UPDATE OF THE TEST SCHEDULE FOR X-TRM and EXPRESSII FOR FURTHER INFORMATION PLEASE CONTACT: Dear Client,
September 3 rd 2012 SUBJECT: UPDATE OF THE TEST SCHEDULE FOR X-TRM and EXPRESSII Dear Client, I wish to inform you that the test schedule for X-TRM and EXPRESS II published on our website www.montetitoli.it/area-download/comunicazioni/2012/2012.en.htm
More informationUSER REQUIREMENTS CHAPTER 5 LIFECYCLE MANAGEMENT AND MATCHING REQUIREMENTS
USER REQUIREMENTS CHAPTER 5 LIFECYCLE MANAGEMENT AND MATCHING REQUIREMENTS T2S project Team Reference: T2S-07-0355 Date: 15 November 2007 Version: 1 Status: Final TABLE OF CONTENT 5 Lifecycle Management
More informationDeutsche Bank. Global Transaction Banking. EMIR Article 39(7) and MIFID II Clearing Member Disclosure Document
Global Transaction Banking EMIR Article 39(7) and MIFID II Clearing Member Disclosure Document January 2018 Clearing Member Disclosure Document Introduction Throughout this document references to we, our
More informationBorsa Italiana Equity MTF Market Rules (BIt Eq MTF)
Borsa Italiana Equity MTF Market Rules (BIt Eq MTF) BORSA ITALIANA EQUITY MTF (BIt Eq MTF) Market Rules Index Glossary General provision and instruments admitted to trading 100 Membership 1000 Order book
More information2012 Popolare Bari SME S.r.l.
2012 Popolare Bari SME S.r.l. INVESTORS REPORT 497,000,000 Class A1 Asset Backed Floating Rate Notes due October 2054 120,000,000 Class A2 Asset Backed Floating Rate Notes due October 2054 198,087,000
More informationRULES FOR THE MARKET WARRANT AQUAFIL S.P.A. WARRANTS
This is a translation provided only for your convenience. Only the Italian text has legal value. RULES FOR THE MARKET WARRANT AQUAFIL S.P.A. WARRANTS 1. DEFINITIONS 1.1 In these Rules, the following terms
More informationBTP ITALIA FAQs. (update November 5 th, 2018) Summary
BTP ITALIA FAQs (update November 5 th, 2018) Summary CHARACTERISTICS OF BTPs ITALIA...3 What are BTPs Italia?...3 For whom is this type of investment recommended?...3 What is the minimum annual real rate
More informationCross-Border Settlement Service Instructions
Cross-Border Settlement Service Instructions 5 April 2012 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i o n 1 CONTENTS CONTENTS... 2 INTRODUCTION... 3 1. GENERAL
More informationTarget2 Securities. Monte Titoli User Requirements
Target2 Securities Monte Titoli User Requirements Contents Click here to enter text. 1. Document Management 6 1.1 Document History 6 1.2 Definitions, Acronyms and Abbreviations 6 1.3 References 7 1.4
More informationOperating rules for Settlement Services Systems (EXPRESS II) and related activities
Monte Titoli Operating rules for Settlement Services Systems (EXPRESS II) and related activities 31 August 2015 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i
More informationGENERAL CONDITIONS PART II. CC&G Services
GENERAL CONDITIONS PART II CC&G Services 1. - Definitions 1.1 Capitalized terms used in these General Conditions Part II shall be understood, unless indicated otherwise, to have the same meaning as the
More informationWho is responsible for what under the IFTT? Parties in the trading chain are responsible for IFTT: collection calculation payment reporting
Post-trade made easy Newsletter 2013-N-021 26 March 2013 Italy How the IFTT will affect you Important Target audience Network managers Tax operations Triparty Lending and borrowing Effective date Immediately
More informationExternal Execution / Transmission Policy
UniCredit UniCredit Bank Bank AG AG Milan External Execution / Transmission Policy Edition 20141015 Page 1 of 16 TABLE OF CONTENTS 1 PRELIMINARY PROVISIONS... 3 1.1 INTRODUCTION... 3 1.2 ASCERTAINING THE
More informationCassa di Compensazione e Garanzia
Cassa di Compensazione e Garanzia Regulations 27 November 2017 T h e I t a l i a n t e x t s h a l l p r e v a i l o v e r t h e E n g l i s h v e r s i o n INDEX SECTION A - GENERAL PROVISIONS... 7 Article
More informationLONDON STOCK EXCHANGE GROUP PLC PRE-CLOSE PERIOD UPDATE
London Stock Exchange Group plc 10 Paternoster Square London EC4M 7LS www.londonstockexchange.com 25 March 2010 LONDON STOCK EXCHANGE GROUP PLC PRE-CLOSE PERIOD UPDATE Unless otherwise stated, the following
More informationT2S PROJECT SAMPLE MESSAGES
T2S PROJECT SAMPLE MESSAGES Version 0.1 Deliverable Name: T2S PR FT FS Sample Messages Deliverable Number: Status: T2S-185 Issued externally Issue Date: 15/08/2014 CONTENTS 1. Document Management... 3
More informationRepoClear. The Clear Path to Liquid and Efficient Markets. EIFR 19 th September 2017
RepoClear The Clear Path to Liquid and Efficient Markets EIFR 19 th September 2017 Our Services & Products LCH SA RepoClear SA 5 European government bond markets cleared France, Italy, Spain, Germany and
More informationMVP Manual Margin Calculation for Cash and Repo Transactions on Bonds Markets
MVP Manual MVP Manual Margin Calculation for Cash and Repo Transactions on Bonds Markets Version 1.18 May 2015 Contents Foreword...3 a) Calculation of Mark-To-Market Margins...3 Step 1. Retrieval of market
More informationCassa di Compensazione e Garanzia
Cassa di Compensazione e Garanzia Annexes to the Instructions 30 th June 3 rd July 2017 The Italian text shall prevail over the English version Contents MEMBERSHIP REQUIREMENTS Delegation of management
More informationPricelist for Non-Executing Broker service. Pursuant to art of the Rules
Pricelist for Non-Executing Broker service Pursuant to art. 3.3.4 of the Rules In force as of 12 June 2017 Index 1. Annual fee to access the service 4 2. Concessions 4 3. Payment instructions 6 Annex
More informationTerms and Conditions WARRANTS TISCALI S.P.A The extraordinary shareholders meeting of the Issuer on 30 June 2009, resolved, inter alia:
Terms and Conditions WARRANTS TISCALI S.P.A. 2009-2014 Premises The extraordinary shareholders meeting of the Issuer on 30 June 2009, resolved, inter alia: (a) (b) (c) to increase the Issuer s share capital,
More informationAMENDMENTS THE CENTRAL SECURITIES DEPOSITORY RULES AND CORRESPONDING INSTRUCTIONS
AMENDMENTS THE CENTRAL SECURITIES DEPOSITORY RULES AND CORRESPONDING INSTRUCTIONS By resolution n. 19606 of the 11 th May 2016 CONSOB approved in agreement with Banca d Italia the amendments to the Rules
More informationUser Guide SIX x-clear Ltd
xcl-710 May 2017 Table of contents 1.0 Market overview 3 2.0 Settlement guide 3 2.1 Settlement process 3 2.2 Handling of unmatched trades 3 2.3 Handling of unsettled trades 4 2.4 Position control 4 2.5
More informationExchange Hosting MILAN. Core Service Price List
Exchange Hosting MILAN January 2018 Contents Exchange Hosting Milan Core Service Price List 2018 1.0 Cabinet License Fees 3 2.0 Network and Connectivity Fees 3 3.0 Additional Services Exchange Hosting
More informationFINAL VERSION APPROVED BY THE ISSUER. Final Terms dated 13 March Natixis Structured Issuance SA. Euro 10,000,000,000. Debt Issuance Programme
FINAL VERSION APPROVED BY THE ISSUER Final Terms dated 13 March 2018 Natixis Structured Issuance SA Euro 10,000,000,000 Debt Issuance Programme SERIES NO: 4964 TRANCHE NO: 1 Issue of up to 100,000,000
More informationT2S features and functionalities
T2S features and functionalities Conference at Narodowy Bank Polski 23 June 2009 T2S Project Team European Central Bank 09.04.01/2009/005409 T2S settles CSD instructions Notary function Custody and assetservicing
More informationAVIO S.P.A. MARKET WARRANT" REGULATIONS
AVIO S.P.A. MARKET WARRANT" REGULATIONS 1 DEFINITIONS 1.1 These Regulations contain the following terms with the meanings given to them hereunder. Terms in the singular also refer to the plural, and vice
More information1. Customers will have freedom of choice regarding which of the central counterparties above to use.
Contents 1. Introduction... 1 2. Description of competitive clearing... 5 3. Impact on market participants. 10 4. General requirements... 12 5. Implementation.. 13 6. Future enhancements...14 TRADING ENHANCEMENT
More informationMonte Titoli. Fee schedule for Issuer services
Monte Titoli Fee schedule for Issuer services 1 st March 2018 Contents 1 st March 2018 1.0 Centralization service 2 1.1 Bonds, similar financial instruments and commercial papers centralization 2 1.2
More informationForm 19b-4 Information *
Required fields are shown with yellow backgrounds and asterisks. OMB APPROVAL OMB Number: 3235-0045 Estimated average burden hours per response...38 Required fields are shown with yellow backgrounds and
More informationENHANCEMENTS ON FINNISH SECURITIES
CBS110 30 December 2011 ENHANCEMENTS ON FINNISH SECURITIES Monte Titoli is pleased to share with its customers some significant enhancements to its service offering on Finnish securities held by Monte
More informationTHEORETICAL INTERMARKET MARGINS SYSTEM
TIMS THEORETICAL INTERMARKET MARGINS SYSTEM by The Options Clearing Corporation USER SPECIFICATIONS Index Introduction... 3 Section 1. Overview of TIMS Margin Calculations... 4 Section 2. Data Requirements...
More informationThe Intraday Interest Rate In the Italian GC Repo Market
The Intraday Interest Rate In the Italian GC Repo Market Alfonso Dufour, Miriam Marra and Ivan Sangiorgi* Draft Version: 17 01 2017 Not for circulation * Alfonso Dufour is an Associate Professor at the
More informationExternal Execution / Transmission Policy
UniCredit UniCredit Bank Bank AG AG Milan External Execution / Transmission Policy Edition: October 2015 Page 1 of 16 TABLE OF CONTENTS 1 PRELIMINARY PROVISIONS... 3 1.1 INTRODUCTION... 3 1.2 SCOPE...
More informationNOTICE TO THE MEMBERS AND THE SHAREHOLDERS OF BANCO POPOLARE SOCIETA COOPERATIVA
Mutual company Registered Office in Verona, Piazza Nogara, 2 Share Capital at 1 July 2016: 7,089,340,067.39 fully paid in. Tax code, VAT no. and registration number in the Verona Companies Registry 03700430238
More informationExtraMOT PRO. Borsa Italiana answer to the Italian corporates needs
ExtraMOT PRO Borsa Italiana answer to the Italian corporates needs ExtraMOT PRO 04/2016 10/2016 03/2017 Introduction of the segment for green and social bond 03/2013 03/2015 The launch of the market for
More informationNOTICE TO SAVINGS SHAREHOLDERS OF INTESA SANPAOLO S.P.A. Pursuant to Art. 136 of the CONSOB Regulation no /1999, as subsequently amended
NOTICE TO SAVINGS SHAREHOLDERS OF INTESA SANPAOLO S.P.A. Pursuant to Art. 136 of the CONSOB Regulation no. 11971/1999, as subsequently amended Solicitation of proxies promoted by Intesa Sanpaolo S.p.A.
More informationMARS. Margining System. User Specifications
MARS Margining System User Specifications Version 1 - October 2017 1 Contents 1.0 Overview of MARS Margin Calculations... 4 2.0 Data Requirements... 10 1. 2. 3. Risk Array (theoretical values)... 10 Class
More informationLSEG Response to Consultation Paper: ESMA s guidelines on ETFs and other UCITS issues (ESMA/2012/44)
LSEG Response to Consultation Paper: ESMA s guidelines on ETFs and other UCITS issues (ESMA/2012/44) Submitted online at: www.esma.europa.eu Odiri Obiakpani Lucia Bordigato Regulatory Strategy Regulation
More informationT2S AG INPUT ON THE ESMA DISCUSSION PAPER. (CSDR, Art. 6 & 7) Contents
T2S AG INPUT ON THE ESMA DISCUSSION PAPER (CSDR, Art. 6 & 7) 22 May 2014 09.04.01/2014/006159 Contents 1. General Comments... 2 2. RTS related to Settlement Discipline... 4 2.1 Measures to prevent settlement
More informationLondon Stock Exchange Group plc Interim results FY th November 2011
London Stock Exchange Group plc Interim results FY 2012 16 th November 2011 Agenda Introduction Financial Review CEO Overview Doug Webb, Chief Financial Officer Xavier Rolet, Chief Executive Q&A Xavier
More informationNOTICE PURSUANT TO ARTICLE 102 OF LEGISLATIVE DECREE NO. 58 OF 24 FEBRUARY 1998
NOT INTENDED FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR TO PERSONS LOCATED OR RESIDENT IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. THIS NOTICE AND THE INFORMATION WITHIN NEITHER CONTAIN, NOR
More informationFINAL VERSION APPROVED BY THE ISSUER Final Terms dated 18 January Natixis Structured Issuance SA
MIFID II product governance / Retail investors, professional investors and ECPs Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Notes
More informationLONDON STOCK EXCHANGE GROUP plc
20 July 2011 LONDON STOCK EXCHANGE GROUP plc INTERIM MANAGEMENT STATEMENT FOR THE PERIOD TO 20 JULY 2011, INCLUDING REVENUES AND KPIs FOR THE THREE MONTHS ENDED 30 JUNE 2011 Highlights: Strong increase
More informationAnnex Germany Effective as of 4 th January MTS Germany is a Multilateral Trading Facility operated by EuroMTS Limited
Annex Germany Effective as of 4 th January 2016 MTS Germany is a Multilateral Trading Facility operated by EuroMTS Limited Contents MTS Germany Annex 1.0 General Provisions 4 5.0 Clearing and settlement
More informationREPORTING INSTRUCTIONS FOR THE ELECTRONIC TRANSMISSION. version DIRECTORATE GENERAL STATISTICS. 18 July 2017
DIRECTORATE GENERAL STATISTICS ECB-PUBLIC 18 July 2017 REPORTING INSTRUCTIONS FOR THE ELECTRONIC TRANSMISSION OF MONEY MARKET STATISTICAL REPORTING (MMSR) version 2.3.1 1. INTRODUCTION...4 2. GENERAL REQUIREMENTS...5
More informationCassa as Central Counterparty for Equity Cash Markets The Method for Calculating Initial Margins
Cassa as Central Counterparty for Equity Cash Markets The Method for Calculating Initial Margins RM Office Version 2.1 Index Foreword... 3 a) Scope... 3 b) Objectives... 3 1. Method for calculating Initial
More informationDCP AUTHORIZATION TEST CASES T2S PROJECT
DCP AUTHORIZATION TEST CASES T2S PROJECT Version 4.1 REVIEW dated 6 th July 2015 1 Target2 Securities - DCP AUTHORIZATION TEST v. 4.1 Review [T2S 208] Contents 1 DOCUMENT MANAGEMENT 5 1.1 Document History
More informationSUPPLEMENTARY PROSPECTUS DATED 1 AUGUST LLOYDS BANK plc. (incorporated in England with limited liability with registered number 2065)
SUPPLEMENTARY PROSPECTUS DATED 1 AUGUST 2018 LLOYDS BANK plc (incorporated in England with limited liability with registered number 2065) 35,000,000,000 Euro Medium Term Note Programme This Supplement
More information