Market practices in Italy

Italy
Name of National Central Bank Banca d'Italia
Phone number of the CCBM unit + 39 06 47 92 38 68
Fax number of the CCBM unit + 39 06 47 92 38 53
email it.securities@bancaditalia.it
giuseppe.maresca@bancaditalia.it
maria.costantini@bancaditalia.it
Foreign counterparties’ contact for credit claim related issues bi.front_office@bancaditalia.it
+ 39 06 47 92 25 25
Publications describing local legal and operational procedures Conti di deposito in titoli - Guida per gli operatori http://www.bancaditalia.it/sispaga/servpag/mtt/guida_cat_09_13.pdf

Legal and Procedural Aspects
Procedural aspects governing a repurchase agreement with the NCB and legal documentation used (if applicable) There are neither specific procedural aspects nor specific legal documentation governing the receipt/delivery of the collateral to the Banca d'Italia for CCBM operations (for repurchase agreements or pledges at the HCB)
Procedural aspects governing a pledge towards the NCB and legal documentation used (if applicable)
Specific procedures governing non-marketable assets Terms and conditions direct link: http://www.bancaditalia.it/banca_centrale/polmon/strumenti/guida_operatori_ottobre_2013.pdf

Technical Aspects Monte Titoli S.p.A. Banca d’Italia
Type of eligible assets held Bonds issued by central and local government, corporates and financial institutions Non-marketable assets
Opening hours 7:00 a.m.–6.00 p.m. 9:00 a.m. – 5.00 p.m.
Number of settlement cycles per day CCBM transactions are settled in a continuous real-time free-of-payment procedure n.a.
BIC of SSS(s) MOTIITMMXXX BITAITRRCCB
Account of NCB in the SSS 61003 n.a.
HCB's sub accounts in the SSS (where applicable) n.a. n.a.
Matching requirements Yes n.a.
Matching/Settlement details CCBM instructions regarding the delivery of collateral are matched on a telephone basis between Banca d'Italia and the deliverer (custodian). Instructions are matched against the following items:
  • ISIN code of the asset
  • ISO code of the currency of the asset
  • Amount of the asset
  • Settlement date
  • Type of collateralisation: repo or pledge
  • BIC code of the counterparty
  • BIC code of the HCB
n.a.
Special Operating Procedures n.a. See http://www.bancaditalia.it/banca_mercati/polmon/strumenti/Credit_claims.pdf
Homepage of SSS www.montetitoli.it www.bancaditalia.it