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.

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:

  • Preferred CCP clearing model
  • Cross platform netting will deliver substantial settlement savings
  • Direct Participant in Monte Titoli
  • Trades will be incorporated in EuroCCP’s existing reporting
  • Existing margin methodology may reduce margin requirements significantly

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 [email protected]

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 report Tag 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 Tag 122 Contra Firm = EMCFNL2AXXX
Execution report 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 report Tag 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 report Tag 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).