Fees applied to intermediaries General price list

Transcription

1 s applied to intermediaries General price list 1 st June 2016

2 Contents 1.0 Custody Accounts 4 Cash and securities settlement for corporate actions processing 4 Corporate action notifications Custody Italy - Safekeeping Financial instruments with Monte Titoli as issuer CSD Settlement Service (T2S) Participation profile management 6 Settlement and connected items Cross Border Global custody & settlement with Euroclear Bank and Clearstream Banking Luxembourg Custody - Safekeeping Settlement Cancellation Cash settlement of corporate action events in no euro currency National Central Securities Depositories (NCSD) Custody Safekeeping Settlement Cancellation Recovery of matching, settlement fines and surcharges Corporate actions X-COM Collateral Management Service Outstanding collateralized securities Financing transactions guaranteed by Central Counterparty OTC financing transactions and financing transactions traded on markets not guaranteed by Central Counterparty Financing transactions with the Bank of Italy (collateral receiver within the Collateral Pooling Management System of Bank of Italy) Cancellation Manufactured payments for corporate events on collateralized securities Cash/securities settlement in T2S or instructed by X-COM FIS Standard information flows, CPA - Shareholders Meeting Communication and SHID - Shareholders identification Reporting 11 Editor FIS and CPA RCC - Settlement of clients fees Communication channels RNI, SIANet, SWIFT 8.2 MT-X 8.3 X-TRM OnLine 8.4 A2A 8.5 Easy access

3 9.0 Miscellaneous Family pricing and discounts Family pricing Discount granted to new intermediaries participating in Centralized Securities Service and Settlement Service Explanatory note Custody safekeeping fees Settlement Service (T2S) X-COM Collateral Management Service 16 3

4 1.0 Custody 1.1 Accounts Monthly fee Property account CA0078 Third party account CA0078 Settlement account (each) CA0079 For issuers acting in the role of intermediaries only for the financial instruments they issue or issue by their subsidiary or associate companies Property account CA0080 Third party account CA0080 Accounts dedicated to X-COM Collateral Management GCA Giver Collateral account CA0081 RCA Receiver Collateral account (each) CA Cash and securities settlement for corporate actions processing Securities or cash settlement connected with the execution of corporate action through the settlement service (T2S) DCP intermediary Settlement of instruction Recovery of T2S settlement costs ICP intermediary Settlement of instruction Cash settlement of amounts debited and credited to intermediaries in TARGET2 system, deriving from the processing of corporate actions. The fee is debited to the intermediaries even if they appoint a cash settlement bank Cash settlement in no euro currency by means of cash correspondent banks 1.3 Corporate action notifications 0.19 ECB costs 0.50 SET015 SET020 SET SA SA0097 Cash settlement notification, both pre-advice and advice (each) 0.50 SA0083 Zero-balance confirmed announcement 1.00 SA0090 Unconfirmed announcement 1.00 SA0091 Confirmed announcement received via SA0087 4

5 2.0 Custody Italy - Safekeeping 2.1 Financial instruments with Monte Titoli as issuer CSD Category From Monthly average balance (bn euro) To Basis point rates on annual basis Shares, warrants, covered warrants and certificates Open investment fund units, closedend-fund units, real estate fund units, ETFs, ETCs and SICAV shares Bonds and similar (Deposit certificates, ABS, covered bonds, short term European papers, etc.) Government bonds 0 < < < < < above < < < < above < < < < < above < < < < above MK0029 MK0031 MK0033 MK0035 5

6 3.0 Settlement Service (T2S) 3.1 Participation profile management The fees are applied for the activation of the participation profile and any following change. The restoration of the profile existing before the change is considered as a further change. The change request for the replacement of the DCA associated to a SAC account may or not may imply the maintenance of the main DCA. In case of maintenance of the main DCA, the request implicates a double change in the profile management. Participation profile management SET002 Participation profile management - urgent 1, SET013 Participation profile management SAC urgent substitution related to a DCA 1, SET Settlement and connected items A separate pricing structrure is applied to intermediaries playing the role of DCP (Direct Connected Participant) and to intermediaries playing the role of ICP (Indirect Connected Participant) DCP Intermediary Settlement of instruction 0.19 SET015 Recovery of T2S settlement costs ECB costs SET020 Daily resubmission of settlement instruction 0.05 SET017 Recovery of T2S resubmission costs ECB costs SET021 Settlement of instruction generated for auto-collateral with central bank and auto-collateral with payment bank 0.05 SET023 Settlement of instruction generated for cross-csd realignment applicable to Investor CSD 0.10 SET025 Recovery of T2S information costs ECB costs SET008 ICP Intermediary Settlement of instruction of auto-collateral with payment bank 1.00 SET019 Settlement of other instruction 0.50 SET016 Daily resubmission of settlement instruction 0.20 SET018 Settlement of instruction generated for auto-collateral with central bank 0.05 SET024 Additional settlement fees are applied in the following cases: Cancellation of covered warrant balances (per cancelled balance) 6.00 SET004 Delivery of financial instruments from a RCA account on participant s request (per balance subject to delivery) 6.00 SET005 Bulky delivery (balances of many securities registered in one or many accounts) on intermediaries request (per each balance subject to delivery) 6.00 SET006 Withdrawal of securities in paper form SET007 Cash reporting Monthly Report - up to four SACs 1, SET009 Report - more than four SACs 2, SET009a Manual cancellation/insertion of transactions, upon request of both counterparties SET011 Per processed market claim or transformation SET012 6

7 4.0 Cross Border Global custody & settlement with Euroclear Bank and Clearstream Banking Luxembourg Custody - Safekeeping International 1 Monthly average balance (bn euro) Equities & similar Funds Bonds & similar DA A Annual bps Annual bps Annual bps MK MK MK above Markets Custody (annual basis point) Equities & similar Funds Bonds & similar Argentina MK MK MK0114 Australia 1.50 MK MK MK0117 Japan 5.00 MK MK MK0120 Ireland 1.50 MK MK MK0123 Israel 5.00 MK MK MK0126 Portugal MK MK MK0129 Slovak Republic MK MK MK0132 Slovenia MK MK MK0135 Spain MK MK MK Settlement 4 International 3 Internal 0.60 DT0080 Bridge 1.10 DT0081 External DT0083 Markets Internal Bridge External Argentina DT DT DT0114 Australia DT DT DT0117 Japan DT DT DT0120 Ireland DT DT DT0123 Israel DT DT DT0126 Portugal DT DT DT0129 Slovak Republic DT DT DT0132 Slovenia DT DT DT International securities include BE, CA, CH, DE, EU, FI, FR, GB, GG, JE, LU, NL, SE, US, XS ISINs 2 Monte Titoli may recover eventual other custody fees applied by Interbolsa and debited to Monte Titoli by the ICSD (invoicing code SC0002) 3 Monte Titoli may recover eventual other costs (supervisory fees) applied by Comision Nacional del Mercado de Valores (CNMV) on Securities traded on AIAF market and debited to Monte Titoli by the ICSD (invoicing code SC0001) 4 In addition to the amounts indicated settlement fees of Settlement Service (T2S) are applied for the debit/credit of securities and funds in T2S as reported at the following paragraph

8 Markets Internal Bridge External Spain DT DT DT Cancellation All financial instruments Internal 0.30 DT0085 Bridge 7.00 DT0086 External DT Cash settlement of corporate action events in no euro currency Settlement in currency different from euro for corporate action through Euroclear Bank and Clearstream Banking Luxembourg SA National Central Securities Depositories (NCSD) Custody Safekeeping NCSD Equities & similar Invoicing code Funds Custody (annual bps) Invoicing code Bonds & similar Invoicing code Bank of Greece N.A. N.A MK0139c Clearstream Banking Frankfurt 0.35 MK0140a 0.35 MK0140b 0.45 MK0140c DTCC 0.35 MK0141a 0.35 MK0141b 0.35 MK0141c ESES 0.35 MK0142a 0.35 MK0142b 0.35 MK0142c Euroclear UK & Ireland 1.05 MK0143a 1.05 MK0143b 1.00 MK0143c Iberclear 0.35 MK0144a 0.35 MK0144b 0.35 MK0144c National Bank of Belgium N.A. N.A MK0145c OeKB 0.35 MK0146a 0.35 MK0146b 0.35 MK0146c SIX SIS 2.00 MK0147a 2.00 MK0147b 1.00 MK0147c VP Lux N.A. N.A MK0148c Settlement 5 The cross border settlement takes place in T2S in case the counterpart is a participant of a NCSD already in T2S platform, otherwise settlement is performed using existing links. In the former case the settlement fee indicated at par. 3.2 is applied and, if it is the case, the recovery of costs debited to Monte Titoli by the counterpart s NCSD. NCSD FOP/DVP Bank of Greece Recovery of NCSD costs DT0139 Clearstream Banking Frankfurt 5.50 DT0140 DTCC 4.50 DT0141 ESES 4.50 DT0142 Euroclear UK & Ireland DT0143 Iberclear 4.50 DT0144 National Bank of Belgium Recovery of NCSD costs DT0145 OeKB 4.50 DT0146 SIX SIS Recovery of NCSD costs DT0147 VP Lux 1.50 DT In addition to the amounts indicated below settlement fees of Settlement Service are applied for the debit/credit of securities and funds in T2S as reported at the following paragraph

9 4.2.3 Cancellation Cancellation Clearstream Banking Frankfurt, ESES and Euroclear UK & Ireland DT Recovery of matching, settlement fines and surcharges NCSD Bank of Greece Settlement fines recovery DT0150 ESES Euroclear UK & Ireland Recovery of late same-day transactions surcharges 6 Recovery of late forward effect transactions 7 surcharges Settlement fines recovery Matching fines recovery DT0103 DT0104 DT0096 DT0097 National Bank of Belgium Settlement fines recovery DT0149 SIX SIS Settlement fines recovery DT Corporate actions Income collection fee (dividends, interests or any other income payments, capital redemption) - per action NCSD Clearstream Banking Frankfurt, Euroclear UK & Ireland and SIX SIS ES Instructions received in ESES later then 2:30 p.m. on the Intended Settlement Date Instructions received in ESES later then 8:00 p.m. on the Business day before the Intended Settlement Date 9

10 5.0 X-COM Collateral Management Service 5.1 Outstanding collateralized securities Outstanding fees are applied to the collateral giver as indicated in the below operating sections: Financing transactions guaranteed by Central Counterparty Market value (monthly average balance bn euro) Annual bps From To > > >20 above 0.20 XC OTC financing transactions and financing transactions traded on markets not guaranteed by Central Counterparty Market value (monthly average balance bn euro) Annual bps From To > > >20 above 0.25 XC Financing transactions with the Bank of Italy (collateral receiver within the Collateral Pooling Management System of Bank of Italy) Nominal value (monthly average balance) Annual bps 5.2 Cancellation > XC0001 s are applied to cancellation carried out on X-COM participants request (collateral giver or collateral receiver), based on the type of the cancellation Unilateral cancellation of unmatched collateral request (via SWIFT/MT-X) 1.00 XC0004 Bilateral cancellation of collateral request (via SWIFT/MT-X) 1.00 XC0005 Cancellation of collateral recall (via SWIFT/MT-X) 1.00 XC0006 Manual cancellation of collateral request 5.00 XC Manufactured payments for corporate events on collateralized securities 8 Manufactured payment in euro (notification included) DT0151 Manufactured payment in currency other than euro (notification included) 4.00 DT Cash/securities settlement in T2S or instructed by X-COM DCP intermediary Settlement of instruction Recovery of T2S settlement costs ICP intermediary Settlement of instruction 0.19 ECB costs 0.50 SET015 SET020 SET016 8 The fee is applied to intermediary holding the giver account (ordinary or GCA) or the receiver account (RCA) involved in the manufactured payments process 9 In addition the settlement fee of Settlement Service (T2S) is applied for the debit/credit of funds in T2S as reported at the following paragraph

11 6.0 FIS Standard information flows, CPA - Shareholders Meeting Communication and SHID - Shareholders identification 6.1 Reporting For FIS, CPA and SHID intermediaries can choose between two pricing types: flat fee or sliding scale pricing For each shareholder's data sent via FIS and/or CPA and/or SHID 0.90 MX0005 Sliding scale pricing is applied monthly, according to the line chosen. The pricing is calculated on the basis of the overall number of names sent for FIS, CPA and SHID relating to all intermediary's accounts. The unit fee is charged to each shareholders data exceeding the volume of the chosen line. Each name is counted once, also in case of multiple sending to correct mistakes. Annual number of shareholders data 6.2 Monthly fee Invoicing code Number of shareholders data exceeding the chosen line From To Line From To 1 25,000 A ,001 50, ,001 50,000 B , , , ,000 C , , MX , ,000 D 1, , , , ,000 E 2, ,001 1,000, ,001 1,000,000 F 3, ,000,001 above 0.08 Editor FIS and CPA Invoicing code MX0004 Each additional editor FIS to the first one (at the activation and at the beginning of each following year) Annual MX RCC - Settlement of clients fees Calculation of fees on corporate events not implying the forwarding of shareholders' names to the issuer. The fee is applied per security account and on each execution date in case of corporate actions on a continuative basis Calculation of fees on corporate events implying the forwarding of shareholders' names to the issuer. The fee is applied per calculated shareholder s name 2.00 RC RC0006 Monthly fee for RCC service via MT-X, applied per account with interactive access 8.50 RC0009 Unit fee for each provisional and final settlement notification sent to the beneficiary intermediary 0.30 RC0011 Processing of RNI 713 messages sent to MT to communicate the quantity of shareholders' names forwarded to issuers. The fee is applied per RNI 713 message 5.00 RC0013 With regard to the fee applied to the calculation of fees on corporate events implying the forwarding of shareholders names to the issuers, intermediaries can purchase up-front slots of reporting of shareholders' names for multiples of 50,000 with the application of a discount as shown in the below table. The calculation of the number of shareholders' names of the above slots is made considering all the intermediary's accounts on which fees accrue. In case of number of shareholders names exceeding the slot, the above fee per shareholder s name sent is applied (invoicing code RC0006) From Slot of shareholders names Discount To 300, ,000 10% 1,000,000 2,450,000 15% 2,500,000 above 20% RC

12 8.0 Communication channels 8.1 RNI, SIANet, SWIFT The costs for message transmission from and to participants via RNI, SIANet Ng and SWIFT are paid by the intermediaries and are directly charged by SIA and SWIFT. Should be transmission costs directly debited by SIA or SWIFT to Monte Titoli, they will be recovered directly from its participants as indicated in the section MT-X Annual fee HTTPS connection First workstation MX0029 Additional workstation (each) MX0009 User setup in test environment (each one) MX X-TRM OnLine Intermediaries may choose between two different pricing options: a monthly fee based on the chosen tier of annual volume of transactions the intermediary can see through X-TRM OnLine or an annual fee plus a fee applied to each transaction the intermediary can see through X-TRM OnLine. X-TRM transactions include: all transactions input into the X-TRM system directly by the participants and all transactions input by markets and CCPs transactions automatically generated by Monte Titoli and, depending on the user profile, own transactions as well as transaction related to third parties from whom they have got a power of attorney. 1 st pricing option Annual volume tier (number of visible transactions in X-TRM OnLine) From To Monthly fee 1 250,000 A ,001 1,000,000 B ,000,001 5,000,000 C MX0030 5,000,001 10,000,000 D ,000,001 above E Unit fee applied for transactions exceeding the volume of the chosen line MX nd pricing option Annual fee MX0040 applied to each transaction 0.10 MX0041 Monthly fee X-TRM on line bulky upload MX A2A A monthly fee is applied to the A2A communication protocol, according the chosen tier of volume. The monthly fee: only refers to equipment installed in Italy whilst for equipment installed in other countries a different fee schedule will apply does not include setup costs for additional network lines, network components and equipment transport Tier of annual volume (number of transactions received by X-TRM) Monthly fee From To 1 250, A2A001 12

13 Tier of annual volume (number of transactions received by X-TRM) Monthly fee 250,001 1,000, ,000,001 above 1, In case the volume tier is exceeded, the following fee is applied Per chosen tier exceeding transaction A2A002 Equipment setup fee 1, A2A003a The following fees are applied on an advanced annual basis regardless the date of the service activation and are automatically renewed on each 31st December for the following year. Annual fee Upgrade VPN 256K 1, A2A003b Upgrade VPN 512K 1, A2A003c Upgrade VPN 1024K 3, A2A003d Additional line 128K 3, A2A003e Additional line 256k 4, A2A003f Additional line 512k 5, A2A003g Additional line 1024K 8, A2A003h 8.5 Easy access The fee is applied for each settled (partially or totally) instruction and for each daily resubmitted settlement instruction. Per instruction 0.04 EA

14 9.0 Miscellaneous The following fees apply to each document, period (day or month), ISIN code, instruction also when a single request is applied Paper duplicate (e.g. contracts and copy of messages SA0084 Per daily or monthly statement of account or balance list until 1,300 pages SA0077 Per page exceeding 1, SA0078 Issue of certification required by law SA0104 Per query, securities account, ISIN code and business day without data processing CR0001 Per query, securities account, ISIN code and business day with data processing CR0002 Invoicing details in electronic format CR0003 Per on line inquiry of securities account balance 4.00 SA0081 Paper instructions, excluding the specific cases where paper instruction is required by Monte Titoli for administrative intervention by Monte Titoli in case the intermediary fails to communicate/update operational details and in case of intermediary's request of cancellation and/or late sending of instructions on corporate actions Intermediary's request to publish information to the system for a period equal to 4 working days. Any extension of the period is considered as a new request and SA0094 SA0092 conditioned to requests from other intermediaries Manual instruction or payment sent by Monte Titoli on intermediary s behalf in case the intermediary fails to communicate/update operational details SA0089 Request of payment in euro currency instead of the one of the corporate event SA0105 Cost recovery for the SWIFT message sent to Euroclear Bank or Clearstream Luxembourg for settlement instruction regarding the Cross Border Settlement Service or settlement instructions between two participants in a foreign system 0.30 XT0002 (routing functionality) Transmission of instructions for corporate actions, waiver or deferment of a dividend after the required deadline SA0102 Customized test support required by client on working day (per day) CONSUL Per special test support required by client on Saturday or Italian banking holiday (per day) 2, CONSUL Customized request Specific quote (case by case) CONSUL Out of pocket (legal and administrative expenses etc.) Variable (as relevant) CONSUL 14

15 10.0 Family pricing and discounts 10.1 Family pricing The term group means a participant and each participant controlled by the same directly for at least the 50% + 1 of the share capital. An intermediary can not be part of more than one group according to the above criteria. For intermediary belonging to the same group and holding directly cash accounts in T2S linked to the securities accounts (intermediary role) with Monte Titoli, fees of the Centralized Securities Service and of the Settlement Service, applied according to regressive amounts on increasing volumes, may be calculated on aggregated volumes at group level and applied to each intermediary of the group based on the medium fee at group level. The intermediary having the role of group controller as above defined shall ask Monte Titoli for the application of the family pricing for itself and the controlled intermediaries by means of a certification to be draft according the schema provided by Monte Titoli. This certification shall be updated any time a change occurs in the group composition (i.e. new intermediary that is part of the group or intermediary that is no more part of the group) The application of the family pricing to intermediary that is part of a group as well as the following changes to the group composition shall be notified by the 15 th day of each month and are effective: from the first day of the month of the communication in case of initial request of application of the family pricing to group whose composition date is effective before the 16 th day of the month of communication from the first day of the month following the communication in case of initial request of application of the family pricing to group whose composition date is effective after the 15 th day of the month of communication from the first day of the communication of the change if the change is effective before the 16 th day of the month of communication from the first day of the month following the communication of the change if the change is effective after the 15th day of the month of communication. In the current price list the family pricing is applicable to fees under sections 2.1 and In the invoicing documentation the amount reduction arising from the application of the family pricing is indicated through the invoicing codes MK0FAM Discount granted to new intermediaries participating in Centralized Securities Service and Settlement Service New intermediaries, participating in Centralized Securities Service and Settlement Service starting from 1 st May 2016, are granted a discount equal to the fees amount globally accrued for the Service Centralized Securities Service, Settlement Service and Foreign Settlement Service during the first three months starting from the first day of the month of entrance and till the maximum amount of 20,000. The discount amount is indicated in the invoicing documentation through the invoicing code NCDISC. 15

16 11.0 Explanatory note The fee schedule is structured to assist clients in easily reconciling their invoices. A specific reference code identifies each fee allowing clients to quickly and easily check the invoiced amounts. Invoicing items are subject to VAT in the case established by law. Unless otherwise specified, fees are expressed in euro and calc ulated and invoiced monthly, based on volumes recorded during the relevant month, and debited with a value date 30 days after invoice date through SETIF procedure. If a monthly (or annual) fee is applied to a service, in case participation or withdrawal occurs during the month (or during the year), the fee is entirely applied regardless of the date of activation or withdrawal. Monthly fees are invoiced on monthly basis whilst annual fee are invoiced at the beginning of each year or at the activation of the concerned service/functionality, with the exception of the A2A monthly fee which is invoiced at the beginning of each quarter and on a pro-rata basis in case of subscription during the quarter Where monthly fees are based on a volume tier or line, each client may choose it at the service subscription and after by making a request before December 15th; if December 15th is not a business day, the deadline is carried over to the next business day. The tier/line change starts in January of the following year; no change of tier/line is admitted during the year. Where it is possible to purchase up-front slots of volume, the request shall be made within December 15th (or if this date is not a business date, the deadline is carried over the next business day) and the fee per slot is included in January s invoice. s applied to volumes exceeding chosen tier/line or purchased slot are included in the December s invoice of the year of reference. 11.1Custody safekeeping fees Separated safekeeping fees are applied for each category of financial instruments held by Monte Titoli as Issuer CSD and as Investor CSD by means of links with foreign entities (NCDSs and ICSDs). For financial instruments held through foreign entities the asset type Equities and similar includes shares, certificates, warrants and covered warrants, the asset type Funds includes closed end and open end funds, real estate investment funds, ETFs, ETCs and SICAV whilst the asset type Bonds and similar includes government bonds, corporate bonds and similar instruments. Safekeeping fees are calculated by applying rates expressed in annual basis points to the monthly average balance of the financial instruments booked in all the accounts opened by the intermediary in the custody system. The average monthly balance is calculated as an average of the daily balances during the month of reference. Financial instruments are evaluated according to the following criteria: Shares: last recorded market price or, if not available, nominal value. Shares with no nominal value (non par value), are conventionally valued at 1.00 Fixed Incomes and similar: nominal value Warrants, covered warrants, investment fund units and similar: last recorded market price or, if not available, nominal value with the exception of warrants and covered warrants waiting for listing which are conventionally evaluated at 0.30 For financial instruments issued in a currency other than euro, the average balance expressed in euro is calculated by applying the daily exchange rate. 11.2Settlement Service (T2S) The settlement fee applied per settlement instruction executed through T2S includes matching and settlement services through T2S and, for ICP intermediaries, reporting through X-TRM Service for transactions input into the Settlement Service through X-TRM Service. In case of settlement instruction that can be partially settled, the fee is applied to each partial settlement. Settlement instructions are executed through T2S in connection with: transactions handled by the Settlement Service transactions handled through the Cross Border Settlement Service (debit/credit of the securities on the intermediary account held with Monte Titoli, cash pre-funding through T2S for DVP transactions) the execution of corporate actions on securities held by Monte Titoli (both directly and through links with other foreign systems) with regard to the settlement of securities on intermediary s securities accounts and to the settlement of cash in T2S settlement instructions input by the X-COM Service. The fee for the participation profile management is applied to the following set up and related changes in CLIMP: set up and changes of parties & accounts (static data) T2S service membership and related changes set up and changes of agent banks in T2S X-TRM service membership and related changes set up of traders and related changes. Monte Titoli recovers from participants having the role of DCP participants T2S costs for settlement, resubmission and and information debited by the ECB based on the costs invoiced by the ECB with reference to accounts/parties connected to the participant. 11.3X-COM Collateral Management Service Outstanding fees include the matching function and the X-COM reporting on acquisition and exposure and the web based X-COM functionalities (via MT-X). s are calculated by applying rates expressed in annual basis points to the monthly average balance of the securities transferred as collateral in relation to each operating sections managed by X-COM Service. The average monthly balance is calculated as an average of the end of day balances of the financial instruments allocated as collateral for the coverage of bilateral exposures related to the concerned operating section during the month of reference. 16

17 Contact Details Contact Details Address: Piazza Affari, Milano