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Monte Titoli

Who we are
Since 1978 Monte Titoli has been the Italian Central Securities Depository and Settlement Company.

Monte Titoli is one of the most cost-effective European securities settlement systems offering a wide range of STP custody and settlement services.

Italian as well as foreign issuers, intermediaries, markets, CCPs and clearing and settlement institutions are eligible for membership in the system.

Monte Titoli is the gateway to:

  • the Italian market for non-resident intermediaries, who can operate in Italian securities with their own procedures through their national central securities depository;
  • foreign markets for resident intermediaries, who can operate in foreign securities with Monte Titoli's procedures.

 
Our Services
CUSTODY & ADMINISTRATION

Monte Titoli handles all events related to the securities life-cycle. Thanks to the direct relation between Monte Titoli and securities issuers, Monte Titoli is directly informed about new securities placement as well as any corporate event detail.
FUNDS LAB
Allowing the centralisation and administration in book-entry form of open-end funds and closed-end funds, Monte Titoli's FUNDS LAB platform offers fund managers and depository banks a simplification in the administration of funds and investment companies shares.

FISCAL SERVICES

Monte Titoli supports its participants in fiscal obligations fulfilment concerning centralised foreign securities. Monte Titoli has been obtained the staus of Qualified Intermediary by US Fiscal Authority and of recognised clearing system for the purposes of ETFs by Irish Fiscal Authority.
RRG: MATCHING & ROUTING
Monte Titoli manages RRG, the worldwide famous trade-capture and routing system, that provides a wide range of post-trading and pre-settlement functionalities such as trade capturing, matching, corporate actions management, margin calculation, routing and real-time reporting.

RRG is the solution to interoperability that captures transactions from markets as well as CCPs, central banks and intermediaries and routes them to clearing & settlement systems.

SETTLEMENT SERVICES
Monte Titoli offers to its participants:
  • EXPRESS, a delivery-versus-payment real-time gross settlement service.
    All transactions entered into the system are immediately final and irrevocable, in accordance with the EU Finality Directive. The settlement of securities is processed in Monte Titoli participants' accounts, while the settlement of the cash leg is carried out in central bank money via a straight-through-processing link with Banca d'Italia
  • Securities settlement on the basis of the instructions received from the multilateral netting settlement procedure managed by Banca d'Italia.
  • Real time free of payment securities transfers.

SECURITIES LENDING & BORROWING
Based on a straight-through-processing approach.

The service facilitates the borrowing of securities to reduce settlement failure and provides intermediaries with a further investment opportunity. Participants can operate as lender, automatic borrower and voluntary borrower.

Each loan is fully collateralised: the securities and the related collateral are transferred in real-time on a delivery-versus-payment basis.

WEB SURFER
It is a web-based communication system that offers intermediaries and securities issuers an access to Monte Titoli services. The system relies on SSL2 safety standards which make the product reliable and inviolable.

EXPRESS II
Monte Titoli is developing a new integrated multi-currency settlement platform called EXPRESS II. The platform will guarantee a complete interoperability in the various stages of the securities settlement value chain.

It will be able to interact with, and receive instructions from, stock exchanges, Alternative Trading Systems, central counterparties and intermediaries. The new system will provide net settlement and gross settlement functionalities.

It will combine the advantages of gross settlement, in terms of optimal failure management, with those of netting in terms of reduction in the number of transactions to be settled.

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For further information about Monte Titoli, please contact our Customer Relations Department on +39.02.33635.219 or by e-mail at marketing@montetitoli.it or visit our web site at http://www.montetitoli.it/.

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