obtainxx53xx.com

X-COMTheTripartyCollateralManagementServiceAnewroleforcollateral,fromback-officetocentrestage.
The2008financialcrisishasresultedin,amongotherthings,asuiteofdomesticandinternationalregulatorychanges,aimedatimprovingthefinancialsector'scapabilitytoabsorbshocksrelatedtofinancialstressandavoidinganyriskofcontagionofthemarketfromasingleparticipant'sfailure.
Suchregulatorychangeshavegivencollateralanewandcriticalrole,catalysingthemarket'sattentionandincreasingthedemandforhigh-qualitycollateralforcentrallycleared,bilateralderivativestrading,aswellasleverageratios.
Asnewregulationsaimtomakemarketsmoretransparent,resilient,andlessreliantoncentralbankfunding,collateralmanagementsolutionscanplayarelevantrolehelpingfirmstomaintainregulatorycompliancewhilemaximisingliquidityandminimisingrisk.
AsaMonteTitoliclient,youcanrelyonapartnerwhoisabletosatisfyallofyourneedsfromAtoZ,notjustforcustodyandsettlement,butalsoforcollateralmanagementthankstothecreationofourX-COMTripartyCollateralManagementservice.
MonteTitoli'splatformprovidessimpleandfullyautomatedaccesstoabroadsetofcollateralisationfunctionalitiescoveringon-exchangetransactions.
Inrealtimetheplatformmanagesallprocessesinvolvedintheopeningandclosingoffinancingfacilities,aswellasthesubstitutionandreuseofdifferenttypesofassets.
Furthermore,asMonteTitoliisfullyoperationalinT2S,collateralmanagementcanbenefitfromafullharmonisationandstandardisationofsecuritiessettlementtransactionprocessing.
PostTradeBymeansofamoreeffectiveuseofthesecuritiesportfolio,X-COMenablescounterpartiestoimproveliquidityratios.
Impactofregulatorydrivers(EMIR/MIFIDII,CRDIV/BaselIII,BCBS-IOSCO)THEMESMAINIMPACTSCentralclearingBuy-sideinstitutionshavetouseCCPsforclearedOTCderivatives.
CCPsdeterminethehaircutstheysetforthevariouscollateralclasses.
AccountstructureIncreasedfocusoncollateralsegregationaccountstructure:omnibussegregationandindividualsegregation.
LiquiditystandardsNewliquiditystandards(LCRandNSFR)havebeendefined,requiringbankstoholdmorehigh-qualityliquidassets(HQLA)ontheirbalancesheet.
Simple,easyandefficient.
X-COM.
TheTripartyCollateralManagementServiceX-COMistheTripartyCollateralManagementServiceabletosupportthefundingandinvestmentstrategiesofyourtreasuryby:——mobilisingthewholesecuritiesportfoliotoimprovetheBaselIIIindicators,mainlyLCR——usingthesecuritiesportfolioasnewcash,fundingyourownportfolio——keepingfullcontrolofthesecuritiesportfolioforimmediateandunpredictedfundingandinvestmentneeds——facilitatingthemanagementofcollateralwithnooperationalburdens——lengtheningthedurationoffinancingdealstoobtainbetterinterestrates.
Forcashproviders,X-COMallowstherecoveryofprofitabilitywithinthetreasurymanagementinacontextofnegativeinterestrates.
Tocashreceivers,X-COMprovidestheopportunitytomoveasignificantpartoftheirsecuritiesportfolio,whichwouldotherwisehavetoberetainedinacentralbank,intothemarket.
Providingamarketalternative,thesesecuritiesbecomemoreliquidwithimmediatebenefitsontheBaselIIIliquidityindicatorsandintermsofcapitalabsorption.
X-COMistargetedattreasuries,repodesks,brokers/dealers,andbuyside(assetmanagersandinsurancecompanies).
Thankstoanintegratedandfullyautomatedfunctionalarchitecture,theclientenjoyscompletecontroloftheirportfolioofcollaterals,whilstutilisingaflexiblesetoftoolsforoptimalmanagementoftheirriskprofile.
YourneedsKeybenefitsCollateralReceiverCollateralGiverCCPSubstitutionRe-UsewithCentralBankSelectionMark-to-marketEligibilityRecallMarginsOperationallyeffortlessPortfoliocontrolRiskmanagementTarget2-SecuritiesAllactivitiesforadministrativemanagementofcollateralisedpositionsareoutsourcedtoMonteTitoliactingasneutralthirdpartyagentCollateralgiverscanalwaysaccesstheirwholeportfolio,recallingandsubstitutingsecuritiesContinuousandeffectivecontrolonmarketandcounterpartyexposures.
Mark-to-market,customisedeligibilitycriteria,haircutsandconcentrationlimitsEmbeddedfullcompatibilitytoleverageonthenewfacilitiesprovidedbytheECBplatform,allowingsettlementincentralbankmoneyAfullsuiteofproducts.
X-COM.
TheTripartyCollateralManagementServiceNormallybanksonlypledgegovernmentbondsascollateralforloans.
Therethusexistsamassivenumberofothersecurities,whichhavesofarnotbeendeployed.
X-COMisbringingthesebackintocirculation.
InfactthesystemisabletoacceptascollateralfinancialinstrumentsthatarenotnormallyacceptedbycentralbanksorCCPs–suchasBTPItaliabonds,corporatebondsandthoseissuedbylocalauthorities.
Allthesesecuritiesareselectedautomaticallyinvaryingpercentagesinordertomakeupthemostadvantageousbasketforthecustomer.
X-COMAllactivitiesrelatedtothemanagementofcollateralarefullyoutsourcedtoMonteTitoliastripartyagent.
X-COMplaystheroleofthirdpartyagent:——neutralintheevaluationofguarantees——responsibleinthemanagementofriskprofilechosenbyeachparticipant——guarantorofthefullassetsegregationGuaranteedrepowithCC&GParticipantsmaydealonmoneymarketplatformsonananonymousbasisandwiththeguaranteeofCC&G.
Theprocessiscompletelyautomaticand,oncereposareclosedonthetradingplatform,participantsarenotrequiredtomakeanyotherintervention.
CC&Gguaranteesthreedifferentrepobaskets:——ECBEurodenominatedBasketRepo(ISIN:IT0005094534)——ECBEurodenominatedBasketRepoHQLA(ISIN:IT0005146177)——BTPItalia(ISINIT0005175028)WithintheguaranteeschemeofCC&GyoucanusethelargestrangeofItaliansecuritiesavailable(effectiveconcentrationlimitsandeligibilitycriteria)EffectivehaircutsonItaliansecuritiesPledgetoBankofItalyX-COMmakesiteasierforitsparticipantstoaccessoperationswiththecentralbank.
Clientscancollateraliseeligiblesecuritiesbothformonetarypolicyandintradayliquidityoperationsincentralbankmoney.
X-COMprovidesre-usefacilitieswiththecentralbank.
Clientsmayre-usecollateralcomingfrommarkettradesinoperationswithBankofItaly.
Inthiswayclientsareinfactabletosterilisetheirliquidityposition.
There-usefeatureisaimedatmeetingtheseneeds,inparticularwithregardtotheoperationsofcashproviders,uptothefullvalue(theglobalamountprinciple).
There-usefeatureallows:——neutralrepresentationoftheliquiditypositionattreasurylevel——greaterflexibilityinvolvingsecuritiesreceivedfromthemarket——optimisationoftheunencumberedportfolioforintradayliquiditypurposes(BCBS248compliant)——automaticmobilisationontheBankofItaly'spoolaccountAlessandroZignaniHeadofPostTradeBusinessDevelopmentEmail:azignani@lseg.
comPh:+390233635212GiovanniCostantiniSalesManagerPostTradeEmail:gcostantini@lseg.
comPh:+390233635283BirgittaMeraniSalesManagerPostTradeEmail:birgitta.
merani@lseg.
comPh:+390233635651CristinaBelloniSalesManagerPostTradeEmail:cbelloni@lseg.
comPh:+390272426504ContactsMonteTitoli,LSEG'sItalian-basedCSD,isaleaderinthePost-Tradeindustrywithc.
3.
3trillionofassetsundercustody.
MonteTitoliofferspre-settlement,settlement,custody,assetservicingandcollateralmanagementservicesondomesticandcrossbordersecuritiesaswellasissuerservicestoalargedomesticandinternationalclientbaseof100banks,brokers,CCPsandstockexchangesand2,300issuers.
In2015,itssettlementserviceprocessed60.
3millioninstructions.
Withatransactionsettlementrateof99%,MonteTitoliisthelargestCSDintheinitialwaveofT2Sandisfullyoperationalonthepan-Europeanplatform.
MonteTitoliaimstostrengthenitspresenceinEuropebyservingitsClientswithafullsetofcoreandaddedvalueservicesforT2Smarkets.
X-COM,theMonteTitolicollateralmanagementplatform,hasbeenenhancedwiththelaunchofatri-partyreposerviceguaranteedbyCC&G.
MonteTitoliispartofLondonStockExchangeGroup.
CC&G,foundedin1992,offersCentralCounterparty(CCP)servicestocoverabroadrangeoftradingvenuesandassetclasses,includingEquity,EquityDerivatives,EnergyDerivatives,AgriculturalDerivatives,Repos,Tri-partyRepos,BondsandEurobonds.
Counterpartyriskisprotectedwithinstate-of-the-artmarginmethodologyspecificallycalibratedperassetclasswithover15billionmarginsmanagedin2015.
Additionallevelofprotectionisrepresentedbyfourseparatedefaultfunds:3.
3billionfixedincomes;1.
5billionequityandequityderivatives;5.
4millionenergyderivatives;0.
4millionagriculturalderivatives.
CC&Ghasover160financialinstitutions,from10Europeancountries.
CC&GisincorporatedinItalyunderthesupervisionofBankofItalyandisauthorisedtoofferservicesandactivitiesinaccordancewithEuropeanMarketInfrastructuresRegulation(EMIR).
CC&GispartofLondonStockExchangeGroup.
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TheCompanypromotesandoffersthepost-tradingservicesinanequitable,transparentandnon-discriminatorymannerandonthebasisofcriteriaandprocedureaimedatassuringinteroperability,securityandequaltreatmentamongmarketinfrastructures,toallsubjectswhosorequestandarequalifiedinaccordancewithnationalandcommunitylegislation,applicablerulesanddecisionsofthecompetentAuthorities.
December2016MonteTitoliS.
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