Borsa Italiana

About

Borsa Italiana is the central marketplace for the listing and trading of financial instruments in the Italian market and EuroCCP is pleased to offer clearing, settlement and risk management services for trades executed on Borsa Italiana. 

As EuroCCP clears the same segments on MTFs, Borsa Italiana trades can be netted with existing positions and not incur any additional settlement fees.

Preferred clearing 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.

The Borsa Italiana markets are listed below:

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

EuroCCP maximises the operational and commercial benefits for trading and clearing participants as all trades cleared by EuroCCP are fully netted into one net settlement per ISIN per day. EuroCCP’s features includes:-

To take advantage of the benefits of preferred clearing with Borsa Italiana contact the EuroCCP Relationship Management team who can provide an assessment of the savings resulting from the consolidation of Borsa Italiana activity with EuroCCP. Contact us at rm@euroccp.com

Borsa Italiana reporting

The CCP Identifier in Borsa Italiana trade confirmations is available as follows:

MIT202 BIT – FIX Trading Gateway (FIX 5.0)

If a trade is cleared, when the Party Role (452)= Counterparty Firm (17), the Party ID will be populated with the CCP value of the CCP that will clear the trade:

Execution reportTag 448 PartyID = EMCFNL2AXXX

MIT203 BIT – Native Trading Gateway Specification

If a trade is cleared, the counterparty will be populated with the CCP value of the CCP that will clear the trade:

RFQ Execution Report
Execution report
Tag 122 Contra Firm = EMCFNL2AXXX
Tag 119 Counterparty = EMCFNL2AXXX

MIT204 BIT – Post Trade Gateway (FIX 5.0) Specification

If a trade is cleared when the Party Role (452)= Contra Firm(17), the Party ID will be populated with the CCP value of the CCP that will clear the trade:

Trade Capture ReportTag 448 PartyID = EMCFNL2AXXX

MIT205 BIT – Drop Copy Gateway (FIX 5.0) Specification

If a trade is cleared, when the Party Role (452) = Counterparty Firm (17), the Party ID will be populated with the CCP value of the CCP that will clear the trade:

Execution reportTag 448 PartyID = EMCFNL2AXXX

Further information can be found on Borsa Italiana’s website.

EuroCCP reporting

Once trades executed on Borsa Italiana are cleared by EuroCCP, EuroCCP’s real time, intraday and end of day files will include Borsa Italiana activity.

Borsa Italiana trades will appear in EuroCCP’s reporting under the relevant Market Identifier Code (TAG 58 in the FIX messages and TAG 8 in the Client Information File (CIF).