EuroCCP clearing Borsa Italiana trades from 3 December 2018

EuroCCP is delighted to announce that regulatory approval was received today 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.

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 membership@borsaitaliana.it
  • 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 clientservices@euroccp.com.
  • Further details can be found on EuroCCP’s Borsa Italiana page.
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Borsa Italiana SoA

Version October 2018

Progress with Borsa Italiana trade feed access

Following the official request in November 2017 in accordance with the provisions of MiFIR article 36, EuroCCP is pleased to announce that Borsa Italiana has permitted EuroCCP access to the Borsa Italiana trade feed. The target go-live date for clearing Borsa Italiana trades will be late Q3 – early Q4 2018.

The project implementation phase has begun for access to the Borsa Italiana markets listed below and EuroCCP will initially offer clearing services on the following markets, segments and financial instruments:

  • Shares, Depositary Receipts and subscription/pre-emptive rights traded on MTA – Mercato Telematico Azionario (MIC Code MTAA)
  • Shares and Depositary Receipts traded on the BIt Eq MTF – segment BIt Global Equity Market (BIt GEM) (MIC Code MTAH)
  • ETFs traded on the ETF+ market (MIC code ETFP)

Borsa Italiana presented the details at its Technical User Group in Milan on 25 June which, together with communication of the CCP identifier, are available on the Borsa Italiana website.

Further details regarding client testing and the actual go-live date will be provided in due course.

Background information

Borsa Italiana will introduce EuroCCP as an additional CCP for its cash equity and ETF markets, on a Preferred CCP basis, which enables a trading participant to designate EuroCCP as its Preferred CCP. Should both parties to a trade designate EuroCCP as the Preferred CCP, the trade will be cleared by EuroCCP – otherwise, the trade will be cleared by the incumbent CCP. The Preferred CCP model does not require the incumbent CCP to interoperate with EuroCCP.

Since its inception, EuroCCP has been an advocate of open access for the benefit of clearing and trading participants alike.  In addition, further requests for trade feed access have been submitted to other exchanges.

With the introduction of competition in these markets, clearing services will become more efficient whilst reducing post trade costs, as evidenced in those markets which already offer competitive clearing arrangements.