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The experience of Monte Titoli for wave 1 of T2S
1. The experience of Monte
Titoli for wave 1 of T2S
GLC - Post Trade Forum & Trade Show
Wien, 10-11 September
15 September 2015London Stock Exchange Group Page 1
2. Agenda
• The road-map to T2S
• The first 2 weeks
• The next steps
• The strategic view of a CSD in T2S
Page 2
3. The roadmap to T2S
• Shared with clients the strategic decision to be in wave 1 since 2011
• Joint planning of the activities: agreed the major milestones, remove market
specificities, define market practises and market harmonizations
• Set-up of a DCP working group to address specific needs of major clients
• Open and transparent communication also in critical situation
• Focus on core functionalities and de-scope others: portfolio transfer, corporate actions
on flows, cash forecasting,
London Stock Exchange Group Page 3
4. Training and Education
• Training on the T2S platform, new features and impact: seminars, webinars,
workshops.
• Static data configuration (via a dedicate tool)
• Community testing: 3 months period had to be extended
• Training on testing activity
• 5 MWDR executed with the participation of all major clients
London Stock Exchange Group Page 4
5. The first 2 weeks in T2S
• The migration week end was performed very succesfully by Monte Titoli and all its
clients (the point of no return was reached 6 hours ahead of schedule)
• No major or critical issues were detected in the first two weeks but the main points to be
addressed:
- need to better understand the behaviour of the new settlement system and the
functionalities (similarities with the old settlement system but different behaviour)
- how liquidity is formed and used during RTGS
- cross border settlement
- SSI and Party2 for matching
- Reporting after NTS
- Auto collateral functionalities
- GUI performance still to be improved
• Settlement rate is approx. 95% (first estimate by Monte Titoli)
London Stock Exchange Group Page 5
6. The next steps
• Stabilise the whole process and help clients to understand the functioning and behaviour
of the new settlement system
• Planning for the descoped functionalities
• Complete the harmonization process (OTC corporate actions on flow)
• Fixing of the open defects (hot fix release to be deployed by end of sep)
• Support the migration of the other waves
• Recover Settlement rate
London Stock Exchange Group Page 6
7. How a CSD is facing the change?
Approach:
from institutional
to commercial
Services:
from basic to
value-added
View:
from domestic
to international
Global post-trade
service provider
Efficient market
infrastructure
Page 7London Stock Exchange Group
• New regulatory enviroment is pushing all players to review their strategy.
• 24 CSDs in T2S with different sizes, products and clients
8. Monte Titoli at a glance
Issuer
Services
Collateral
Management
Custody
Asset
Servicing
Settlement
42,000 financial instruments
3.4 trillion assets under custody
More than 2,200 issuers for instruments issued in multiple countries
Over 400 banks and brokers participants
Investor CSD on 19 markets, will become 30 major markets with T2S
Awarded a CSD AA rating by Thomas Murray since 2007. €52bio/ EU
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• Monte Titoli wants to become a leading CSD in Europe, able to serve domestic and
international client with a full set of products and services
• Joining T2S is key to pass the benefit to its clients
9. T2S offering
• LSEG’s vision is for Monte Titoli to become a global player, and T2S is
instrumental to support this internationalization process. Single point of
entry for T2S markets
• Development of core and value added services:
- Established reciprocal links with major issue CSDs
- Tax services for Italian and European instruments
- Developed Collateral Management Platform X-com
- Launched Triparty repo contract OTC and on-exchange
- Full suite of Swift messages
London Stock Exchange Group Page 9
Connectivity
Settlement
Custody
Asset
servicing
Liquidity
Reporting
T2S
markets