August 2013 - Monte Titoli

Monte Titoli 

Fees for services provided to intermediaries 

August 2013 Version

August 2013 

August 2013 version 

1.0 General principles 5 

2.0 Custody 6 

2.1 Securities account 6 

2.2 Custody – safekeeping fees 7 

2.3 Cash settlement for corporate actions processing 13 

2.4 Corporate actions on financial instruments with Monte Titoli as Investor CSD and other NCSDs as Issuer 15 

2.5 Management of fiscal declarations and payments related to the French FTT 16 

3.0 Tax Service 17 

3.1 Tax assistance on cross-border securities 17 

4.0 X-TRM – Matching and Order Routing 19 

4.1 Fee applied to the acquisition of transactions 19 

4.2 X-TRM Setup Fee 20 

4.3 Cancellation/ insertion of a transaction 20 

4.4 Cut-off delay 20 

4.5 Processing of corporate actions under fails in X-TRM 21 

5.0 Domestic Settlement 22 

5.1 Unmatched free of payment deliveries 22 

5.2 Matched free of payment deliveries 22 

5.3 Express II 23 

6.0 Cross-border settlement (CBSS) 27 

6.1 ICSDs 27 

6.2 NCSDs 30 

Page 3 of 50


7.0 Securities Lending and Borrowing 34 

8.0 Service of Collateral Management – X-COM 35 

8.1 Collateralized securities 35 

9.0 Communication channels 36 

9.1 RNI, SIANet.Ng, SWIFT 36 

9.2 MT-X 36 

9.3 LU 6.2 39 

9.4 A2A 40 

10.0 EPAG – Paying Agent appointment 41 

11.0 FIS – Standard Information Flows and CPA – Shareholders Meeting Communication 42 

11.1 Reporting 42 

12.0 RCC – Settlement of Client fees 44 

13.0 ATIE Service - Register of irregular and drawn securities 45 

14.0 Miscellaneous 46 

15.0 Test environment 48 

Page 4 of 50


1.0 General principles 

This document illustrates the fee schedule applied by Monte Titoli for the services provided to 

entities participating in such services, in accordance with the contractual framework in force 

and in particular with Art. 10 of the General Conditions Part I. 

As stated by Art. 7 of the General Conditions Part I, any modification of the fee schedules 

indicated in this document will be notified by Monte Titoli through the publication of such 

modifications on its own website. Moreover this publication will be notified to participants by 

the means of an email communication sent to the address provided by the client Itself. 

Monte Titoli fee structure is compliant with principles of unbundling and separate accounting. 

The fee structure has been structured to assist clients in easily reconciling their invoices. A 

specific reference code identifies each fee and helps customers to quickly and easily check 

the accuracy of the amounts debited. 

All invoicing items will be subject to VAT as established by law. 

Unless otherwise specified, fees are calculated and invoiced monthly, based on volumes 

recorded during the relevant month, and debited with a value date of the last day of the month 

following invoice issue. 

If a monthly (or quarterly or annual) fee is applied to a service, in case participation or 

withdrawal occurs during the month (or during the quarter or the year), the former fee 

(participation event) or the latter (withdrawal event) are entirely chargeable, regardless of the 

date of activation or withdrawal. 

Where monthly fees are based on a volume tier, each client may choose to change its tier by 

making a request before 15 December; if 15 December is not a business day, the deadline is 

carried over to the next business day. 

The tier change will commence in January of the following; no change of tier is admitted during 

the year. 

The same fee structure is also applied to market infrastructures (such as CCPs, CSDs, 

Central Banks) when they participate in Monte Titoli services (in standard mode). Should 

participation of these entities require customized solutions and specific terms of 

interoperability, a specific pricing proposal will be defined, in compliance with Paragraph 4 of 

the Code of Conduct. 

A fee calculator simulator is available on our website www.montetitoli.it, enabling clients to 

determine their fees. 

Page 5 of 50


2.0 Custody 

2.1 Securities account 

Intermediaries participating in the custody service are required to separate their own proprietary 

account from the third party account. 

Each intermediary may open additional third party accounts (so called settlement accounts), to 

segregate dedicated activities of their clients. 

2.1.1 Membership fee 

Property account 

Third party account 

Monthly fee 

250.00 

250.00 

Invoicing code 

CA0078 

CA0078 

Settlement account (each) 50.00 CA0079 

For issuers acting in the role of intermediaries only for the financial 

instruments they issue: 

Property account 

Third party account 

150.00 

150.00 

CA0080 

CA0080 

Page 6 of 50


2.2 Custody – safekeeping fees 

Monte Titoli applies a structure of variable safekeeping fees, dependent on the type of 

safekeeping service: 

- as Issuer CSD, depending on the category of financial instruments 1 and on the average 

balance 

- as Investor CSD by means of links with National Securities Depositaries (NCSDs), 

- as Investor CSD by means of links with International Depositaries, namely Euroclear Bank 

and Clearstream Banking Luxembourg (ICSDs) based on the Countries group and the 

category of financial instruments and on the average balance. 

Safekeeping fees are calculated by applying rates expressed in basis points on annual basis, 

to the monthly average balance of the financial instruments booked in all the accounts opened 

by the intermediary in the custody system (property, third party and settlement accounts). 

Average monthly balance is calculated as an average of the daily balances during the month 

of reference, by applying the following rules: 

- separately for each category, for financial instruments where Monte Titoli is the Issuer 

CSD, 

- separately for each category, for financial instruments where Monte Titoli is the Investor 

CSD and the Issuer CSD is a specific NCSD (Euroclear UK & Ireland, Clearstream 

Banking Frankfurt and SIX SIS) 

- with no separation of category, for financial instruments where Monte Titoli is the Investor 

CSD and another National Securities Depositary (NCSD) is the Issuer CSD 

- Separately by Countries group and category, for financial instruments where Monte Titoli 

is the Investor CSD and the International Depositary (ICSD) is the Issuer CSD. 

Financial instruments are evaluated according to the following criteria: 

- Shares: market price or, if not applicable, nominal value. Shares with no nominal value 

(non par value), are conventionally valued at € 1.00 

- Bonds, Government Bonds and similar: nominal value 

- Warrants, covered warrants, investment fund units and similar: market price or, if not 

applicable, nominal value with the exception of warrants and covered warrants waiting for 

listing which are conventionally evaluated at € 0.30. 

For financial instruments issued in a currency different from Euro, the average balance 

expressed in Euro is calculated by applying the official daily exchange rate. 

The list of financial instruments for which Monte Titoli is the Investor CSD, by means of link 

with NCSDs and ICSDs is available on the MT-X platform and is updated on a monthly basis. 

1 

Each category includes one or more financial instruments type, as detailed in the following charts. 

Page 7 of 50


2.2.1 Financial instruments with Monte Titoli as Issuer CSD 

Financial instruments with Monte Titoli as Issuer CSD 

Category 

Range of average 

monthly balance (bn 

Euro) 

(from-to) 

Basis point rates on 

annual basis 


Shares, closed-end fund units, real 

estate investment fund units and 

warrants 

0 - 1 

1 - 5 

5 - 10 

10 - 25 

25 – 50 

0.2252 

0.2027 

0.1802 

0.1576 

0.1351 

MK0029 

50 - above 

0,1283 

Covered warrants, certificates, 

open investment fund units, ETF, 

ETC and SICAV shares 

0 - 1 

1 - 5 

5 - 10 

10 - 25 

0.1071 

0.1016 

0.0961 

0.0906 

MK0031 

25 - above 

0.0851 

Bonds and similar (ABS, covered 

bonds, short term European 

papers, etc.) 

0 - 1 

1 - 5 

5 - 10 

10 - 25 

25 – 50 

50 - above 

0.2252 

0.2027 

0.1802 

0.1576 

0.1351 

0,1283 

MK0033 

Government bonds 

0 - 10 

10 - 15 

15 - 25 

25 - 50 

50 - above 

0,091 

0,073 

0,063 

0,054 

0,045 

MK0035 

Page 8 of 50


2.2.2 Financial instruments with Monte Titoli as Investor CSD and other 

NCSDs as Issuer 

Financial instruments with Monte Titoli as Investor CSD and Euroclear UK & Ireland as Issuer 

Category 



Euro) 

(from-to) 


annual basis 


0 - 1 

1.2000 

Shares, warrants, covered warrants, 

investment fund units 

1 - 5 

5 - 10 

0.9500 

0.6000 

MK0063 

10 - above 

0.5000 

0 - 1 

1.0000 

Fixed income 

1 - 5 

5 - 10 

0.8000 

0.7000 

MK0064 

10 - above 

0.6000 

Financial instruments with Monte Titoli as Investor CSD and Clearstream Banking Frankfurt as 

Issuer 

Category 



Euro) 

(from-to) 


annual basis 




0.3500 MK0065 

0 - 1 

0.5500 

Fixed income 

1 - 5 

5 - 10 

0.4500 

0.4000 

MK0066 

10 - above 

0.3300 

Financial instruments with Monte Titoli as Investor CSD and SIX SIS 

Category 



Euro) 

(from-to) 


annual basis 


0 - 1 

2.5000 



1 - 5 

5 - 10 

2.0000 

1.5000 

MK0067 

10 - above 

1.1000 

0 - 1 

2.5000 

Fixed income 

1 - 5 

5 - 10 

2.0000 

1.5000 

MK0068 

10 - above 

1.1000 

Page 9 of 50


Financial instruments with ESES platform as Issuer 

Category 

Basis point rates on annual 

basis 


Shares, closed-end fund units, real estate investment fund units and 

warrants 

Covered warrants, certificates, open investment fund units, ETF, ETC and 

SICAV shares 

Bonds and similar (ABS, covered bonds, short term European papers, etc.) 


0.3500 

MK0037 

MK0038 

MK0039 

MK0040 

Financial instruments with Monte Titoli as Investor CSD and other NCSDs as Issuer 

Category 

Basis point rates on annual 

basis 


Shares, closed-end fund units, real estate investment fund units and 

warrants 

Covered warrants, certificates, open investment fund units, ETF, ETC and 

SICAV shares 

Bonds and similar (ABS, covered bonds, short term European papers, etc.) 


0.3500 

MK0037 

MK0038 

MK0039 

MK0040 

2.2.3 Financial instruments with Monte Titoli as Investor CSD and ICSDs 

as Issuer 

Countries group 1: International 2 

Category 

Range of average monthly balance 

(bn Euro) 

(from-to) 


annual basis 


0 - 1 

2.00 

Shares, warrants and covered 

warrants 

1 - 5 

5 - 10 

1.80 

1.65 

MK0045 

10 - above 

1.55 

0 - 1 

2.00 

Investment fund units 

1 - 5 

5 - 10 

1.80 

1.65 

MK0046 

10 - above 

1.55 

2 Financial instruments with XS, LU and EU ISIN codes. 

Page 10 of 50


Category 


(bn Euro) 

(from-to) 


annual basis 


0 - 1 

0,64 

Fixed income 

1 - 5 

5 - 10 

0,49 

0,36 

MK0047 

10 - above 

0,27 

Countries group 2: Belgium, France, Germany 

Category 


(bn Euro) 

(from-to) 


annual basis 


0 - 1 

1.30 


warrants 

1 - 5 

5 - 10 

1.10 

0.95 

MK0048 

10 - above 

0.85 

0 - 1 

2.00 


1 - 5 

5 - 10 

1.80 

1.65 

MK0049 

10 - above 

1.55 

0 - 1 

0.90 

Fixed income 

1 - 5 

5 - 10 

0.70 

0.55 

MK0050 

10 - above 

0.45 

Countries group 3: Finland, Holland, Sweden, Spain (1), Portugal (2), Slovenia, Greece, 

Ireland, Australia, Canada and USA 

Category 


(bn Euro) 

(from-to) 


annual basis 


Page 11 of 50


Category 


(bn Euro) 

(from-to) 


annual basis 


0 - 1 

1.50 


warrants 

1 - 5 

5 - 10 

1.30 

1.15 

MK0051 

10 - above 

1.05 

0 - 1 

2.00 


1 - 5 

5 - 10 

1.80 

1.65 

MK0052 

10 - above 

1.55 

Fixed income 

0 - 1 

1 - 5 

5 - 10 

10 - above 

1.10 

0.90 

0.75 

0.65 

MK0053 

(2) Monte Titoli may recover eventual other custody fees applied by Interbolsa and debited to 

Monte Titoli by the ICSD (invoicing code SC0002) 

Countries group 4: United Kingdom (Jersey and Guernsey included) 

Category 


(bn Euro) 

(from-to) 


annual basis 


0 - 1 

1.30 


warrants 

1 - 5 

5 - 10 

1.10 

0.95 

MK0054 

10 - above 

0.85 

0 - 1 

2.00 


1 - 5 

5 - 10 

1.80 

1.65 

MK0055 

10 - above 

1.55 

0 - 1 

0.80 

Fixed income 

1 - 5 

5 - 10 

0.60 

0.45 

MK0056 

10 - above 

0.35 

Countries group 5: Japan and Israel 

Page 12 of 50


Category 


(bn Euro) 

(from-to) 


annual basis 


0 - 1 

5.00 


warrants 

1 - 5 

5 - 10 

4.80 

4.65 

MK0057 

10 - above 

4.55 

0 - 1 

5.00 


1 - 5 

5 - 10 

4.80 

4.65 

MK0058 

10 - above 

4.55 

0 - 1 

3.00 

Fixed income 

1 - 5 

5 - 10 

2.80 

2.65 

MK0059 

10 - above 

2.55 

Countries group 6: Switzerland, Argentina, Bermuda, Slovak Republic 

Category 


(bn Euro) 

(from-to) 


annual basis 


0 - 1 

15.00 


warrants 

1 - 5 

5 - 10 

14.80 

14.65 

MK0060 

10 - above 

14.55 

0 - 1 

15.00 


1 - 5 

5 - 10 

14.80 

14.65 

MK0061 

10 - above 

14.55 

0 - 1 

15.00 

Fixed income 

1 - 5 

5 - 10 

14.80 

14.65 

MK0062 

10 - above 

14.55 

2.3 Cash settlement for corporate actions processing 

Fee applied to each cash settlement notification: 

Page 13 of 50


Fee 


Cash settlement notification, both pre-advice and advice, related to 

corporate actions, independent from settlement method 

0.50 SA0083 

- A 10% discount will be applied on the fee for cash settlement notification starting 1st July 

2013. The discount will be applied until the finalisation of all phases of the project for the 

harmonisation of corporate actions to European standards. 

Fee applied to cash settlement 

In Target 2 

Fee 


Cash settlement of amounts debited and credited to intermediaries in 

TARGET 2 system, deriving from the processing of corporate 

actions on Government Bonds and financial instruments for which 

Monte Titoli is Investor CSD (being a NCSD or ICSD the issuer). The 

fee is debited to the intermediaries even if they appoint a 

correspondent bank 

0.30 SA0088 

Fee applied to zero-balance confirmed announcements 

Fee 


Zero-balance confirmed announcements 1.00 SA0090 

Fee applied to unconfirmed announcements 

Fee 


Unconfirmed announcement 1.00 SA0091 

The following fees are applicable from 1 February 2011: 

Page 14 of 50


For currencies other than euro: 

Fee 


Cash settlement for corporate action processing in currencies other 

than Euro : 

- by means of correspondent banks 

- through Clearstream Banking Luxembourg: 

Canadian Dollar CAD, US Dollar USD 

Australian Dollar AUD, Swiss Franc CHF, Danish Crown DKK, 

England Pound GBP, Hong Kong Dollar HKD, Norway Crown NOK, 

New Zealand Dollar NZD, Swedish Crown SEK, Singapore Dollar 

SGD 

Other currencies 

3.00 

8.50 

11.00 

12.00 

SA0097 

SA0098a 

SA0098b 

SA0098c 

- through Euroclear Bank: 

Canadian Dollar CAD, USA Dollar USD 

Australian Dollar AUD, Franco Swiss Franc CHF, Corona Danish 

Crown DKK, England Pound GBP, Hong Kong Dollar HKD, Norway 

Crown NOK, New Zealand Dollar NZD, Sweden Crown SEK, 

Singapore Dollar SGD 

Other currencies 

8.00 

11.50 

14.00 

SA0099a 

SA0099b 

SA0099c 

2.4 Corporate actions on financial instruments with Monte Titoli 

as Investor CSD and other NCSDs as Issuer 

Monte Titoli applies fees for the execution of Corporate actions on financial instruments with 

Monte Titoli as Investor CSD and the following NCSDs as Issuer: 

Financial instruments with Euroclear UK & Ireland as Issuer 

Fee 


Income collection fee (dividends, interests or any other income 

payments, capital redemption) - per action 

10.00 ES0001 

Page 15 of 50


Financial instruments with Clearstream Frankfurt as Issuer 

Fee 




10.00 ES0002 

Financial instruments with SIX SIS as Issuer 

Fee 




10.00 ES0003 

2.5 Management of fiscal declarations and payments related to the 

French FTT 

Monte Titoli applies fees for the forwarding to Euroclear France of fiscal declarations and 

payment of the related amounts, in the framework of the taxation applied by the French 

Government on financial transactions (Financial Transaction Tax - FTT). 

Fee 


Unit fee per each transaction declared within fiscal declarations which 

are validated by the deadline set by Monte Titoli 

Unit fee per each transaction declared within fiscal declarations which 

are validated later than the deadline set by Monte Titoli 

0.70 FTT001 

0.70 FTT002 

Page 16 of 50


Fee 


Recovery of possible penalties and/or passive interests applied by 

Euroclear France for transactions declared later than the imposed 

deadline 

Variable (as relevant) 3 

FTT004 

Administrative intervention for the cancellation of a declaration 150.00 FTT003 

3.0 Tax Service 

3.1 Tax assistance on cross-border securities 

Fees applied to each payment transaction, ISIN and beneficial owner. 

3 The administrative intervention necessary for the recovery will be charged on top of the recovered amount, under 

invoicing code SA0089. 

Page 17 of 50


Fee 


Payment of proceeds subject to withholding tax at source 50.00 SF0058 

Standard refund procedure for the deduction of tax, when the amount 

paid overcomes the applicable one 

Quick refund procedure for the deduction of tax after payment date, when 

the amount paid overcomes the applicable one 

Adjustment in the tax rate applicable to payment of proceeds on US 

securities 

50.00 SF0059 

50.00 SF0060 

50.00 SF0061 

Fee applied to tax certification 

Registration of each tax certification related to the beneficial owner, only 

for US securities, and release of income collection certifications by Monte 

Titoli for any cross-border securities 

50.00 SF0062 

Page 18 of 50


4.0 X-TRM – Matching and Order Routing 

4.1 Fee applied to the acquisition of transactions 

The fee applied to the acquisition of transactions is referred to: 

- Transactions filled in X-TRM directly by participants (over-the-counter) to be settled in 

Express II, 

- Transactions filled in X-TRM directly by participants (over-the-counter) to be settled in cross 

border settlement systems, 

- Free of payment deliver transactions filled in by participants via RNI message 710, to be 

settled in cross border settlement systems and for which Monte Titoli provides via X-TRM 

reports on matching in those settlement systems 

- Transactions automatically generated by the system (i.e.: collateralization and bilateral 

balances created due to the interposition of the CCP), 

- Transactions coming from RETLOTS, Repo e-MID and Hi-MTF, 

- Transactions unsettled in Express II at the end of the net overnight cycle and automatically 

refilled in the gross settlement cycle 4 . 

Fee 


Transaction acquisition (each) 0.175 EX0002 

For transactions, traded on domestic markets or over-the-counter and forwarded via X-TRM to 

the ICSDs, the following fee is applied in order to recover the SWIFT cost 

Fee 


Fee for SWIFT cost recovery 0.30 XT0002 

4 In case of shaping, the fee is applied to each single transaction resulting from the shaping. 

Page 19 of 50


4.2 X-TRM Setup Fee 

Fee 


Setup fee applied to intermediaries who don't give a power of attorney to 

5 

a third party 

2,500.00 EX0001 

Setup fee applied to intermediaries who give a power of attorney to a 

4 350.00 EX0008 

third party 

Recover fee for registrations and changes in the participant profile, 

applied to all intermediaries 

350.00 EX0008 

4.3 Cancellation/ insertion of a transaction 

Bilateral cancellation 

The fee is applied only to cancelled instructions 

Fee 


Unit fee for cancellation in electronic format 1.00 EX0009 

Manual cancellation/insertion of transactions, after a confirmation of both 

counterparties has been received 

20.00 EX0004 

4.4 Cut-off delay 

The following fee is applied to each request to delay the daily cut off for inserting In X-TRM DVP 

transactions to be settled at T + 1: 

Fee 


Delay of 30 minutes or less 1,000.00 EX0034 

Delay over 30 minutes 1,500.00 EX0035 

The above mentioned fees are applicable from 1 February 2011. 

5 The setup fee is not applied to intermediaries requiring participation to X-TRM exclusively for the purpose of 

participation to the cross border settlement service for FoP activity 

Page 20 of 50


4.5 Processing of corporate actions under fails in X-TRM 

Fee 


For each fail transaction to be processed due to the execution of a 

corporate action 

10.00 EX0005 

Domestic settlement takes place when transactions are booked in securities accounts 

registered in the Monte Titoli system. Transactions may be either on a non-matched free of 

payment basis (i.e.: delivery free of payment) or input in Express II by means of X-TRM. The 

latter may be both DvP or FoP transactions and are always matched. 

Fees on intra-system settlement transactions are independent from the role played by Monte 

Titoli on the deposited securities (Issuer or Investor CSD). 

Page 21 of 50


5.0 Domestic Settlement 

5.1 Unmatched free of payment deliveries 

Delivery between two intermediaries participating in Monte Titoli 

(or between two accounts owned by the same intermediary) 

instructed by the sender intermediary 

instructed by the Service of Collateral Manager X-COM for the 

transfer of collateral 

Delivery to an intermediary participating in another NCSD, of 

financial instruments registered in Monte Titoli as Issuer CSD 

Fee 

Sender/Debited intermediary 

0.30 

Beneficiary/Credited 

intermediary 0.30 

Sender 0.60 

Beneficiary 0.60 


DT0030 

DT0031 

DT0036 

DT0037 

Bulky delivery (balances of many securities registered in one or 

many accounts) as per intermediary request. The fee is applied to 

each balance subject to delivery 

Cancellation of covered warrant balances. The fee is applied to 

each cancelled balance 

6.00 DT0034 

6.00 DT0044 

5.2 Matched free of payment deliveries 

Transaction to transfer (as withdrawal or delivery) between two 

intermediaries participating in Monte Titoli, independent from the 

role played by Monte Titoli on the centralized securities (Issuer or 

Investor CSD). 

Fee 

Sender 0.475 



EX0006 

EX0007 

Page 22 of 50


5.3 Express II 

5.3.1 Net settlement 

Net overnight settlement cycle 

The unit fee is applied to the following transactions, when they are sent to the net overnight 

settlement cycle: 

Single OTC transactions, 

single transactions traded on CCP guaranteed or not guaranteed markets, 

bilateral balances coming from CCP guaranteed markets. 

Express II - net overnight cycle 

Fee 


Unit fee applied to settlement instructions sent to the net overnight cycle 0.30 EX0011 

For each collateralization transaction the following fee is applied: 

Settlement of Collateralization transactions 

Fee 

Firm collateralization 0.70 

Self collateralization and Triparty 

Guarantee 0.70 


EX0012 

EX0013 

Net intraday cycle - transactions unsettled in the net overnight cycle and sent to net intraday 

cycle 

Transactions not settled in the net overnight cycle are automatically sent to the net intraday 

cycle. When this takes place, the following fee is applied: 

Express II - unsettled transactions sent to the net intraday cycle 

Fee 


Fee applied to transactions to be sent from the net overnight cycle to the 

intraday one 

0.60 DT0065 

Page 23 of 50


Net overnight and intraday cycle - multilateral cash balance 

To each multilateral cash balance settled in TARGET2 the following fees are applied to the 

paying agent in Express II (the participant or its correspondent bank): 

Fee 


Multilateral cash balance settled in TARGET 2 0.30 EX0033 

SWIFT message input by Monte Titoli to TARGET2 in the net 

intraday settlement cycle. 

Non-repudiation liability of 20% is included. 

0.531 RE0002 

5.3.1 Gross settlement 

The following transactions are filled into gross settlement system: 

- Over the counter transactions, or; 

- transactions dealt on a trading venue and to be settled on a gross basis. 

The following fee is applied for their settlement: 

Unit fee to settle intra-system transactions 

Fee 

Intra-system transaction 0.30 


DT0067 

- Transactions non settled in net settlement cycles and automatically sent to the gross 

settlement are charged with the X-TRM fee detailed in paragraph 4.1: 

Fee 


Acquisition of transactions (each) 0.175 EX0002 

- cash settlement fee: 

Fee 


Cash settlement in TARGET2 for domestic deliveries 

Intra-system transaction 0.30 

DT0079 

Page 24 of 50


- cost recovery fee: 

Fee 


SWIFT message generated by Monte Titoli in TARGET2 


SWIFT message generated by Monte Titoli in TARGET2 in the gross 

settlement system, coming from the application of mini-netting. 


0.2655 RE0001 

0.531 RE0002 

5.3.3 Express II penalties 

Penalties are applied in case one of the following events occurs: 6 : 

1) delay in cash settlement during the net intraday settlement cycle. The fee is composed of: 

- a fixed part: 

Frequency of delay during the year 

Delay (in minutes) 

Fee 

up to 15 minutes 

up to 30 minutes 

more than 30 

minutes 


1 500.00 2,000.00 4,000.00 

2 1,000.00 4,000.00 8,000.00 

EX0030 

3 and more 2,000.00 8,000.00 16,000.00 

- a variable part: 

Cash settled after the service cut-off (variable part) 

Fee 

10 bps per day, calculated on 

the amount of the debit cash 

balance settled after the cut-off 


EX0030 

6 For any further detail refer to the document "Settlement Discipline Operational Guidelines" available on 

www.montetitoli.it. 

Page 25 of 50


2) securities settlement pending at the closing of the intended settlement date: 

Securities settlement pending at the closing of the intended 

settlement date (each) 

Redistribution amongst "in bonis" members of income generated 

from penalties for failed receipt of securities at close of business 

on intended settlement date (each) 

Fee 

Calculated according to the 

rules described in document 

"Settlement discipline - 

Operational guidelines" 

(published on Monte Titoli's 

Website) 

Calculated according to the 

rules described in document 

"Settlement discipline - 

Operational guidelines" 

(published on Monte Titoli's 

Website) 


EX0030 

(debited amount) 

EX0040 

(credited amount) 

Unit fee for OTC settlement instructions 

Fee type EUR Invoicing code 

FOP and DVP settlement instructions 6,00 FC0001 

Page 26 of 50


6.0 Cross-border settlement (CBSS) 

Cross-border settlement is applicable to delivery of financial instruments settled by Monte 

Titoli, on behalf of its participants, in cross-border settlement systems managed by NCSDs or 

ICSDs. 

6.1 ICSDs 

ICSDs are Euroclear Bank (EB) and Clearstream Banking Luxembourg (CBL). 

Cross-border settlement transactions may be divided into three categories: 

- Internal: where the counterparty is a participant in the same ICSD where the transaction is 

settled 

- Bridge: where the counterparty is a participant in an ICSD different from the one where the 

transaction in settled 

- External: where the counterparty is a participant in a NCSD. 

6.1.1 Settlement 

Fees detailed in the following tables are variable dependent on the type of transaction, 

financial instrument and the country. 

The below detailed fees are additional: 

- X-TRM fee: 0.175 € (EX0002) for transactions filled by the intermediary in X-TRM or via 

RNI message 710 for which Monte Titoli provides via X-TRM reports on matching in the 

relevant cross border settlement system, 

- Only for DVP transactions, the fees applied to settle the cash leg between the Client and 

Monte Titoli are the following: 

0.30 € (DT0067) Express II gross settlement, 

 

 

0.30 € (DT0079) cash settlement in TARGET2 and 

0.2655 € (RE0001) cost recovery fee for the SWIFT message generated by Monte Titoli 

in Target 2 

- The cost recovery fee for the SWIFT message sent for each settlement instruction to 

ICSDs: 0.30 € (XT0002) 

Page 27 of 50


Countries group 1: International 7 Fee Invoicing code 

All financial instruments - CBL & EB Internal 0.60 DT0080 

All financial instruments - CBL & EB Bridge 1.10 DT0081 

Shares, Warrants, Covered Warrants and Rights- CBL & EB External 33.825 DT0082 

Fund Units - CBL & EB External 39.825 DT0083 

Fixed income - External 39.825 DT0084 

Countries group 2: Belgium, France, Germany 

Fee 


All financial instruments - CBL & EB Internal 0.60 DT0080a 

All financial instruments - CBL & EB Bridge 2.325 DT0081a 

Shares, Warrants, Covered Warrants and Rights- CBL & EB External 5.60 DT0082a 

Fund Units - CBL & EB External 5.60 DT0083a 

Fixed income - External 5.60 DT0084a 

Countries group 3: Spain, Finland, Holland, Sweden, Portugal, Slovenia, Australia, USA, 

Canada 

Fee 


All financial instruments - CBL & EB Internal 1.325 DT0080b 

All financial instruments - CBL & EB Bridge 3.075 DT0081b 

Shares, Warrants, Covered Warrants and Rights- CBL & EB External 7.825 DT0082b 

Fund Units - CBL & EB External 7.825 DT0083b 

Fixed income - External 7.825 DT0084b 

7 Financial instruments with XS and LU and EU ISIN code. 

Page 28 of 50


Countries group 4: United Kingdom (Jersey and Guernsey included) 

Fee 


All financial instruments - CBL & EB Internal 1.325 DT0080c 

All financial instruments - CBL & EB Bridge 3.075 DT0081c 

Shares, Warrants, Covered Warrants and Rights- CBL & EB External 5.825 DT0082c 

Fund Units - CBL & EB External 5.825 DT0083c 

Fixed income - External 5.825 DT0084c 

Countries group 5: Japan, Ireland, Israel 

Fee 


All financial instruments - CBL & EB Internal 1.325 DT0080d 

All financial instruments - CBL & EB Bridge 3.075 DT0081d 

Shares, Warrants, Covered Warrants and Rights- CBL & EB External 21.825 DT0082d 

Fund Units - CBL & EB External 21.825 DT0083d 

Fixed income - External 21.825 DT0084d 

Countries group 6: Greece, Switzerland, Argentina, Bermuda, Slovak Republic 

Fee 


All financial instruments - CBL & EB Internal 1.325 DT0080e 

All financial instruments - CBL & EB Bridge 3.075 DT0081e 

Shares, Warrants, Covered Warrants and Rights- CBL & EB External 63.825 DT0082e 

Fund Units - CBL & EB External 63.825 DT0083e 

Fixed income - External 63.825 DT0084e 

Page 29 of 50


6.1.2 Cancellation 

Fee 


Internal 0.30 DT0085 

All financial instruments - Cancellation 

Bridge 7.00 DT0086 

External 50.00 DT0087 

The fee is applied to FOP and, where available, DvP transactions, related to financial 

instruments registered in Monte Titoli as Issuer CSD, where the counterparty is an intermediary 

participating in a cross border NCSD. 

6.2 NCSDs 

6.2.1 Settlement 

Fees detailed in the following tables are variable dependent on the type of transaction and the 

country. 

The below detailed fees are additional: 

- For FoP transactions on financial instruments with Euroclear UK & Ireland as Issuer, filled in 

by the intermediary via X-TRM or via RNI message 710, for which Monte titoli provides via 

X-TRM reports on matching in the relevant cross-border settlement system: 

0.175 € (EX0002) X-TRM fee 

- for DVP transactions on financial instruments with Euroclear UK & Ireland or Clearstream 

Frankfurt or SIX SIS as Issuer, the fees applied to settle the cash leg between the Client 

and Monte Titoli are the following: 

0.175 € (EX0002) X-TRM fee 

0.30 € (DT0067) Express II gross settlement, 

 

 

0.30 € (DT0079) cash settlement in TARGET2 and 

0.2655 € (RE0001) cost recovery fee for the SWIFT message generated by Monte Titoli 

in Target 2 

Page 30 of 50


Financial instruments with Monte Titoli as Investor CSD and Euroclear UK & Ireland as Issuer 

Nationality of security 

Volume of transactions 

per month 

Fee 


FoP transactions 

Ireland 

Other nationalities 

1 - 1000 

> 1000 

1 - 1000 

> 1000 

7.8250 

6.8250 

5.8250 

4.8250 

DT0088 

DT0088a 

DvP transactions 

Ireland 

Other nationalities 

1 - 1000 

> 1000 

1 - 1000 

> 1000 

6.9595 

5.9595 

4.9595 

3.9595 

DT0089 

DT0089a 

Financial instruments with Monte Titoli as Investor CSD and Clearstream Banking Frankfurt as 

Issuer 

Volume of 

Transactions per 

month 

Fee 



(sender/beneficiary) 

1 - 1000 

> 1000 

5.5000 

4.5000 

DT0090 


1 - 1000 

> 1000 

4.4595 

3.4595 

DT0091 

Financial instruments with Monte Titoli as Investor CSD and SIX SIS as Issuer 

Volume of 

Transactions per 

month 

Fee 




1 - 1000 

> 1000 

8.0000 

7.0000 

DT0098 


1 - 1000 

> 1000 

6.9595 

5.9595 

DT0099 

Financial instruments with Monte Titoli as Investor CSD and OeKB as Issuer 

Fee 




4.50 DT0038 

DvP transactions 4.50 DT0038 

Page 31 of 50


Financial instruments with Monte Titoli as Investor CSD and an ESES CSD as Issuer 

Fee 




4.50 DT0038 

DvP transactions 4.50 DT0038 

Financial instruments with Monte Titoli as Investor CSD and other NCSDs as Issuer 

Unmatched FOP transactions 

Fee 

Sender 4.50 



DT0038 

DT0039 

6.2.1 Amendment/Cancellation 


Fee 


Amendment 20.00 DT0092 

Cancellation 20.00 DT0093 

Financial instruments with Clearstream Banking Frankfurt as Issuer 

Fee 





Fee 



Page 32 of 50


Fee 



6.2.3 Matching and settlement fines 

For DvP and FoP transactions on financial instruments with Euroclear UK & Ireland, SIX SIS or 

ESES as Issuer to be settled in those settlement systems, Monte Titoli charges to the relevant 

participants any matching or settlement fines as pass-through costs. 



Settlement fines recovery 

Matching fines recovery 

DT0096 

DT0097 



Settlement fines recovery 

DT0102 

Financial instruments with ESES platform as Issuer 8 


Recovery of “late same-day transactions” 9 surcharges 

Recovery of “late forward-effect transactions” 10 surcharges 

DT0103 

DT0104 

8 Applicable starting from 01/09/2013 

9 These are defined, in ESES, as instructions received later than 2:30 pm on the intended 

Settlement Date. 

10 These are defined, in ESES, as instructions received later than 8:00 pm on the business day 

before the intended Settlement. 

Page 33 of 50


7.0 Securities Lending and Borrowing 

Fees applied to membership and to each securities lending transaction, to lenders and 

borrowers. 

Fee 


One-off setup fee 

2,500.00 EX0026 

Membership fee (monthly) 

FREE 

EX0024 

Borrower fee for intra-day loans. 

Monte Titoli credits back € 100.00 to the lender. 

110.00 EX0031 

Lender fee for transactions still living after the day in which they 

have been created 

10 bps (annual basis) on the 

collateral amount deposited by 

the borrower to the lender 

EX0032 

Opening and closing of a loan 

in the overnight settlement 

cycle 0.60 

DT0063 

Fee for securities lending settlement instruction 

Opening of a loan in the 

intraday settlement cycle 0.60 

DT0064 

Closing of a loan in the 

intraday settlement cycle 

0.60 

DT0062 

Page 34 of 50


8.0 Service of Collateral Management – 

X-COM 

The service provides the application of fees calculated on the amount of securities transferred 

as collateral charged to the collateral giver. 

In addition for any transfer of security (ISIN) connected with the settlement of collateral 

transactions managed by the service (collateral allocation, collateral return, collateral 

substitution, etc.) a fee for unmatched free of payment delivery is applied as indicated at the 

section Domestic Settlement. If a participant makes use of a security settlement agent, this fee 

is applied to the securities settlement agent. 

8.1 Collateralized securities 

The fees on collateralized securities are applied to the collateral giver and include the 

matching function, the settlement and exposure information and the MT-X web based 

functionalities. 

The fees are calculated by applying rates expressed in basis points on annual basis, to the 

monthly average balance of the securities transferred as collateral in relation to collateral 

operations. 

Average monthly balance is calculated as an average of the daily balances during the month 

of reference. 

Collateralized securities (bonds and similar securities) are evaluated at the nominal value. 

For financial instruments issued in a currency different from Euro, the average balance 

expressed in Euro is calculated by applying the official daily exchange rate. 

Collateralized securities transferred to Bank of Italy as collateral receiver (phase 1 of the 

service) 

Range of average monthly balance (bn 

Euro) 

(from-to) 

0 - 2 

>2 - 5 

>5 - 10 

>10 - 20 

>20 

Basis point rates on annual basis 11 

0.35 

0.30 

0.25 

0.20 

0.15 


XC0001 

11 A discount of 50% is applied starting from phase 1 of the service till the start of phase 2 

Page 35 of 50


9.0 Communication channels 

Monte Titoli provides its participants with access to its services through the following 

communication channels: 

- RNI - National Interbank Network 

- SIANet Ng (by means of RNI protocol) 

- SWIFT 

- MT-X - Monte Titoli Internet Communication System, the web-based knowledge and 

document management platform. 

Access to X-TRM and Express II services is also available through: 

- LU6.2, until October 31 st , 2013 

- 

In order to guarantee the business continuity, each client is required to setup at least two 

communication channels, of which one is MT-X. 

Members of the custody service may choose a different communication channel for single 

message exchange and also adopt the multichannel facility to receive the same notification on 

more than one channel (i.e.: either via RNI and MT-X). 

9.1 RNI, SIANet.Ng, SWIFT 

The costs for message transmission from and to participants via RNI, SIANet Ng and SWIFT 

are paid by the intermediaries and are directly charged by SIA-SSB and SWIFT. Should be 

transmission costs directly debited by SIA-SSB or SWIFT to Monte Titoli, they will be recovered 

directly from its participants. Further information are available in the sections 4.1, 5.3.1, 5.3.2, 

6.1.1. 

9.2 MT-X 

MT-X provides access to the below detailed services: 

- Custody, RCC, FIS, CPA, EPAG 

- X-COM 

- X-TRM, Express II and X-CSS 

To use settlement and pre-settlement services via web, MT-X users have to ask Monte Titoli 

to be enabled to X-TRM On-Line access. 

Page 36 of 50


MT-X access 

Users may connect to MT-X by means of: 

- user interface, via Internet Explorer, in HTTPS mode 

- application to application (A2A), integrating the client network 

Fee 


- HTTPS connection 

First user setup (una tantum) 85.00 MX0028 

Other users setup (una tantum) 385.00 MX0008 

- Users maintenance (annual) , from the year after the setup 

First user 85.00 MX0029 

Other users 145.00 MX0009 

- A2A connection 

Customized depending 

on client needs 

MX0010 

User setup in test environment (each one) 50.00 MX0035 

X-TRM OnLine access 

X-TRM On-line allows the clients to access X-TRM, Express II and X-CSS services via the 

web. 

Unlike MT-X, X-TRM On-Line access is subject to a monthly fee, based on the annual volume 

of X-TRM transactions, depending on its operating profile (client's own transactions plus 

transactions made on behalf of other participants in X-TRM for which they hold a power of 

attorney). 

X-TRM transactions are to be defined as: 

- all transactions input into the X-TRM system by the participants and all transactions traded 

either in CCP guaranteed and not guaranteed markets 

- transactions automatically generated by the system. 

Page 37 of 50


The volume tier is specified by the client during the membership process and may be changed 

according to the rules detailed in the General Principles. 

In case the volume tier is exceeded, a fee is applied for single transaction over and above the 

tier cap. 

Annual volume tier 

(number of transaction in X-TRM) 

Monthly fee 


1 250,000 A 200.00 

250,001 1,000,000 B 325.00 

1,000,001 5,000,000 C 425.00 

MX0030 

5,000,001 10,000,000 D 600.00 

10,000,001 above E 750.00 

Fee applied to each transaction exceeding the chosen tier (included into the 

invoice of December of the year of reference) 

Settlement information provided to traders, in case authorized by their 

settlement agent 

0.005 MX0031 

Included in the fee 

The optional bulky upload facility is charged with the following fee: 

Description 

Monthly fee 


X-TRM On-Line bulky upload 100.00 MX0033 

Page 38 of 50


9.3 LU 6.2 

LU 6.2 protocol is available until October 31 st , 2013 and the below detailed fees will be 

applied.. 

The fees are referring to the infrastructures located in Italy, a cross border infrustructure will be 

subject to a separate offer. 

Fees do not include setup costs for additional lines, 

infrastructure moving: 

additional network facilities and 

Description Band size Quarterly fee Invoicing code 

Full Solution 128 kbps € 3,500.00 LU0001 

Full Solution 256 kbps € 4,000.00 LU0002 

Full Solution 2 MBps € 6,500.00 LU0003 

Full Solution 10 MBps € 7,500.00 LU0004 

Single Solution 128 kbps € 1,750.00 LU0005 

Single Solution 256 kbps € 2,250.00 LU0006 

Single Solution 2 MBps € 3,750.00 LU0007 

Single Solution 10 MBps € 5,000.00 LU0008 

Description Quarterly fee Invoicing code 

ADD-ON For each hardware € 750.00 LU0009 

LU 6.2 protocol decommissioning may occur by means of a withdrawal notification sent by the 

client to Monte Titoli, according to the following rules: 

o within 15 th June 2013, to be effective from 1 st October 2013 if no request is sent, 

termination of LU 6.2 protocol will be automatic at 31 st October 2013. 

Page 39 of 50


9.4 A2A 

A quarterly fee will be applied to the A2A communication protocol. Where subscription is 

initiated after the beginning of one quarter, a pro-rata fee will be calculated and applied. Those 

fees only refer to equipment installed in Italy: for equipment installed in other countries a 

different fee schedule will apply. 

The below fee schedule does not include set up costs for additional network lines, network 

components and equipment transport 

Annual Volumes 

(number of operations received by X-TRM service) 

Monthly Fee 


1 250.000 € 250,00 

250.001 1.000.000 € 500,00 

A2A001 

Oltre 1.000.000 € 1000,00 

Fee per item applied to each operation above the limit of the Tier which monthly 

fee is applied to the customer 

€ 0,005 A2A002 

Set up fee € 1500,00 A2A003a 

The following fee is applied on an annual basis and will be automatically renewed on the 31th 

December of the following year, regardless of the date of activation of the service. 

Annual fee 


Upgrade VPN 256K € 1000,00 A2A003b 

Upgrade VPN 512K € 1500,00 A2A003c 

Upgrade VPN 1024K € 3000,00 A2A003d 

Additional line 128K € 3500,00 A2A003e 

Additional line 256k € 4500,00 A2A003f 

Additional line 512k € 5000,00 A2A003g 

Secondary line 1024K € 8000,00 A2A003h 

Page 40 of 50


10.0 EPAG – Paying Agent appointment 

The service, available via MT-X platform, is addressed to intermediaries, payment agents and 

agent banks to support them in their cash agent role for payments linked to custody service 

and RCC. 

Monte Titoli activates the basic module by default while the full module is optional and 

activated upon request. 

Fee 


Basic module (appointment of payment agent, his acceptance or refusal 

of the role) 

Full module (enquiry of list of appointments given and accepted and 

detailed reporting ) - monthly fee 

free 

25.00 EP0002 

E-mail notification (each) 1.00 EP0004 

Page 41 of 50


11.0 FIS – Standard Information Flows 

and CPA – Shareholders Meeting 

Communication 

11.1 Reporting 

FIS service allows intermediaries to convey to issuers of securities deposited in Monte Titoli, 

the shareholders' list in accordance with legal requirements and in electronic format. 

Through the CPA service, intermediaries may send to issuers, in electronic format, the list of 

shareholders participating in the general meeting. 

SHID service allows intermediaries to send the requested list of shareholders to issuers on 

request at any point in time. 

FIS, CPA and SHID participants can choose between two pricing lines: flat fee or sliding scale 

pricing. 

Flat fee 

Fee 


For each shareholder's data sent via FIS and/or CPA and/or SHID 0.90 MX0005 

Sliding scale pricing is applied monthly, according to the Line chosen when subscribing the 

service or subsequently amended according to the rules indicated in the General Principles 

section of this document. 

The pricing is calculated on the basis of the overall number of names sent for both FIS, CPA 

and SHID relating to all intermediary's accounts. The unit fee charged to each shareholders’ 

data exceeding the chosen Line is variable on the basis of the number of exceeding data. 

Each name is counted once, also in case of multiple sending to correct mistakes. 

Page 42 of 50


Sliding scale pricing 

Annual number of 

shareholders' data 

Line 

Monthly fee 

Invoicing 

code 

Each shareholders' data exceeding the 

chosen Line 

Number of shareholders' data 

exceeding the chosen Line 

Fee 

Invoicing 

code 

1 25,000 A 210.00 

25,001 50,000 0.24 

25,001 50,000 B 405.00 50,001 100,000 0.24 

50,001 100,000 C 810.00 MX0003 100,001 250,000 0.20 

MX0004 

100,001 250,000 D 1,620.00 250,001 500,.000 0.15 

250,001 500,000 E 2,400.00 500,001 1,000,000 0.13 

500,001 1,000,000 F 3,900.00 1,000,001 above 0.08 

Editor FIS is an interface which may be installed on a PC with MT-X application, aimed at 

simplifying the input/ amendment of shareholders' data flow to be sent via FIS/CPA service. 

Fee 


First Editor FIS for FIS and CPA customers 

Each additional Editor FIS (at the activation and at the beginning of each 

following year) 

Free 

100.00 MX0007 

Page 43 of 50


12.0 RCC – Settlement of Client fees 

RCC calculates fees due by issuers to intermediaries for the reporting of shareholders' names 

and for the book entries registered by intermediaries in the final investor's securities account. 

Intermediaries, using RCC via the MT-X web application, may display and download reports of 

the cash amounts to be paid by the issuers and issue the invoice to be paid for notifications 

related to the Annual General Meetings. 

Monte Titoli instructs the automatic credit of amounts due to intermediaries. 

Fee 


Calculation of fees on corporate events not implying the forwarding of 

shareholders' names to the issuer. The fee is applied to each execution 

date in case of corporate actions on a continuative basis, on each 

securities account. 

Calculation of fees on corporate events implying t the forwarding of 

shareholders' names to the issuer, for each shareholder name. 

2.00 RC0008 

0.003 RC0006 

Monthly fee for RCC service via MT-X, for each account 8.50 RC0009 

Unit fee for each provisional and final settlement notification sent to the 

beneficiary intermediary 

Processing of notification to the issuer of shareholders' names in non 

electronic format (each RNI 713 message) 

0.30 RC0011 

5.00 RC0013 

For corporate events entailing the reporting of shareholders’ names to the issuers, 

intermediaries can purchase upfront slots of reporting of shareholders' names for multiples of 

50,000, as shown in the below table. The calculation of the number of shareholders' names 

reported is made considering all the intermediary's accounts on which he accrues fees. 

Discounts apply on the basis of the slot chosen. 

The buying option shall be communicated to Monte Titoli within December 15 th and applies to 

the following year. The fee to be paid for the chosen slot is debited in January. 

Slot of shareholders' names Discount Invoicing code 

300,000 950,000 10% 

1,000,000 2,450,000 15% 

RC0007 

2,500,000 above 20% 

Each shareholder name exceeding the slot 0.003 RC0006 

Fee 

Page 44 of 50


13.0 ATIE Service - Register of irregular 

and drawn securities 

ATIE service collects and spreads notifications about irregular and drawn securities 

(Government bonds and bonds). 

Monthly fee 


Participation in ATI and/or ATE 180.00 AT0001 

Page 45 of 50


14.0 Miscellaneous 

The following fees apply to each document, period, ISIN code, instruction also when a single request is 

applied. 

For customized requests, Monte Titoli provide the client with a quote which must be formally accepted prior 

to the development. 

Amount 


Each paper duplicate (e.g. contracts and copy of messages) to be applied to 

each document requested 

Fee for : 

1) issue of certifications required by the law 

2) daily or monthly statement of account or balance list until 1,300 pages. The 

fee applies: for the daily statement, for each day, ISIN code and account; for the 

monthly statement, for each month, ISIN code and account 

Each page of daily or monthly statement of account or balance list exceeding 

1,300 pages 

Query without data processing. The fee applies to each query, securities 

account, ISIN code and business day 

Query with data processing. The fee applies to each query, securities account, 

ISIN code and business day 

20.00 SA0084 

150.00 SA0077 

0.10 SA0078 

100.00 CR0001 

200.00 CR0002 

Invoicing details in electronic format, for each invoicing period 10.00 CR0003 

On line inquiry of securities account balance. The fee applies to each request 0.20 SA0081 

Each corporate action announcement received via email 1.00 SA0087 

Withdrawal of paper based securities 26.00 DT0076 

Paper instructions, excluding the specific cases where paper instruction is 

required by Monte Titoli 

Fee for administrative intervention by Monte Titoli in case the intermediary fails 

to communicate/update operational details and in case of intermediary's request 

of cancellation and/or late sending of instructions on corporate actions 

Intermediary's request to send information to the system, not exceeding 50 

lines 

Intermediary's request to send information to the system, for each line 

exceeding 50 lines 

50.00 SA0094 

150.00 SA0092 

2.00 SA0093 

Page 46 of 50


Amount 


Fee for administrative intervention by Monte Titoli to process successfully 

intermediary's instructions or payment instructions sent by Monte Titoli on 

intermediary's behalf, in case the intermediary fails to communicate/update 

operational details. 

The fee applies to cancellation of corporate events and conversion costs into 

euro. 

Fee for administrative intervention by Monte Titoli aimed at the recovery of 

fines/passive interests charged by the foreign depository in case of late 

declaration or payment by the intermediary in the framework of FTT. 

50.00 SA0089 

Out of pocket (legal and administrative expenses, etc.) 

Variable (as 

relevant) 

CONSUL 

Page 47 of 50


15.0 Test environment 

The use of Monte Titoli's test environment is included in the fees for the services. Monte Titoli 

will apply a fee only for requests for a special support by the user, as for example in cases of 

mergers, migration of the client's technological systems, company reorganizations. For further 

details please refer to the document "Guidelines for the use of the test environment". 

No fee is applied during the test windows announced by Monte Titoli on the occasion of 

services launch/upgrades, if the announced functionalities are the subject of the test and in 

cases in which the test is considered, in agreement with Monte Titoli, preparatory for the 

checking of the correct functioning of its applications against specific cases. 

Special test support required by client on working day (per day) 500.00 CONSUL 

Special test support required by client on Saturday, Sunday and Italian 

banking holiday (per day) 

2,000.00 CONSUL 

Page 48 of 50

August 2013 - Monte Titoli

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