EuroCCP Clearing Borsa Italiana Trades
EuroCCP is delighted to announce that regulatory approval was received to provide clearing services for trades executed on Borsa Italiana’s Regulated Markets and MTF – Mercato Telematico Azionairo (MTA), Borsa Italiana Equity MTF and ETFplus Market.
Now also live with clearing for Borsa Italiana @BorsaitalianaIT. A new milestone which allows our members to consolidate CCP clearing activity for close to 90% of all European equities trading. https://t.co/srZiIHaHi3
— EuroCCP (@EuroCCP) December 3, 2018
The service will be available on a Preferred CCP basis for shares, equity certificates and exchange traded funds traded on Borsa Italiana.
Since its inception and in close cooperation with the clearing community, EuroCCP has been an advocate of open access for the benefit of clearing and trading participants alike. With the introduction of EuroCCP as a Preferred CCP on Borsa Italiana’s three platforms, clearing services will become even more efficient by reducing post trade costs, increasing cross-venue netting opportunities and optimising operational processes.
We would refer you to Borsa Italiana’s website, which provides further information on this announcement.
EuroCCP’s test environment is available to clearing participants that may wish to undertake testing through Borsa Italiana’s test environment.
Clearing participants wishing to clear trades executed on Borsa Italiana with EuroCCP should ensure that:-
- Trading firms wishing to test trades executed on Borsa Italiana with EuroCCP liaise with their clearing participant and advise Borsa Italiana’s membership team of their intentions via email to firstname.lastname@example.org
- A new Comp ID must be activated by the trading members via the Borsa Italiana member portal, adding EuroCCP as the Preferred CCP
EuroCCP’s Relationship Management team is advised of their implementation plans and intended go-live date, so that the necessary arrangements can be made.
- The Borsa Italiana Statement of Authority is completed.
- The completed form is forwarded to email@example.com.
- Further details can be found on EuroCCP’s Borsa Italiana page.
UK CCPs may be equivalent for 12 months in the event of a no-deal Brexit.
The clearing capability will be for listed derivatives and OTC products.
Pension funds should be able to post securities as variation margin to CCPs.
Eurex is building an EU27 solution for clearing OTC IRS products after Brexit.
Index reform will be an important topic for markets over the next 24 months.