21 August 2017
visit www.avoka.com

Cassa Di Compensazione & Garanzia to be CCP for Borsa Italiana

07 April 2003  |  3611 views  |  0 Cassa Di Compensazione & Garanzia to be CCP for Borsa Italiana

Borsa Italiana is to implement a central counterparty clearing mechanism for equities trading, managed and developed by Cassa Di Compensazione E Garanzia on 23 May 2003.

Cassa Di Compensazione E Garanzia says it will initially use its current Liquidazione dei Titoli (LdT) system to guarantee all contracts on stocks, convertible bonds, warrants and shares of closed-end real estate and securities funds on the Italian stock markets, but will move to the Express II settlement system, which was developed by its subsidiary Monte Titoli.

Margin collateral will be calculated using the Theoretical Intermarket Margins System (Tims), developed by Chicago-based Options Clearing Corporation.

Renato Tarantola, CEO of Cassa di Compensazione e Garanzia, says the CCP system "is a risk management system that is more efficient and open to interoperability with analogous systems that brings our stock markets into line with international best-practice."

The CCP will not initially be involved with the Mercato Ristretto or the bond and government securities market (MOT) and current contract guarantee mechanisms will continue to be valid for the Covered Warrant Market (MCW).

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
10430 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
8694 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
8543 views 0 | 3 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8383 views comments | 10 tweets | 7 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
7823 views comments | 16 tweets | 16 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job