August 2013 - Monte Titoli

August 2013
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)
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