August 2013 - Monte Titoli
August 2013 - Monte Titoli
August 2013 - Monte Titoli
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<strong>August</strong> <strong>2013</strong><br />
8.0 Service of Collateral Management –<br />
X-COM<br />
The service provides the application of fees calculated on the amount of securities transferred<br />
as collateral charged to the collateral giver.<br />
In addition for any transfer of security (ISIN) connected with the settlement of collateral<br />
transactions managed by the service (collateral allocation, collateral return, collateral<br />
substitution, etc.) a fee for unmatched free of payment delivery is applied as indicated at the<br />
section Domestic Settlement. If a participant makes use of a security settlement agent, this fee<br />
is applied to the securities settlement agent.<br />
8.1 Collateralized securities<br />
The fees on collateralized securities are applied to the collateral giver and include the<br />
matching function, the settlement and exposure information and the MT-X web based<br />
functionalities.<br />
The fees are calculated by applying rates expressed in basis points on annual basis, to the<br />
monthly average balance of the securities transferred as collateral in relation to collateral<br />
operations.<br />
Average monthly balance is calculated as an average of the daily balances during the month<br />
of reference.<br />
Collateralized securities (bonds and similar securities) are evaluated at the nominal value.<br />
For financial instruments issued in a currency different from Euro, the average balance<br />
expressed in Euro is calculated by applying the official daily exchange rate.<br />
Collateralized securities transferred to Bank of Italy as collateral receiver (phase 1 of the<br />
service)<br />
Range of average monthly balance (bn<br />
Euro)<br />
(from-to)<br />
0 - 2<br />
>2 - 5<br />
>5 - 10<br />
>10 - 20<br />
>20<br />
Basis point rates on annual basis 11<br />
0.35<br />
0.30<br />
0.25<br />
0.20<br />
0.15<br />
Invoicing code<br />
XC0001<br />
11 A discount of 50% is applied starting from phase 1 of the service till the start of phase 2<br />
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