The official site of Italy's central bank

Central counterparty - Cassa di compensazione e garanzia

Cassa di Compensazione Garanzia (CC&G) is the Italian central counterparty. In the markets that envisage this service, the central counterparty is interposed in each transaction so that intermediaries are not exposed to counterparty default risk. The central counterparty protects itself from the risk of default by collecting margins commensurate with the amount of the obligations taken on by its members.

The activity of CC&G, originally limited to derivative financial instruments, now also extends to the share market, where the interposition of a central counterparty is compulsory, and to the markets for Italian government securities, where it is optional.

Traders of government securities on MTS, EuroMTS and BrokerTec may sign up for central counterparty service to be provided either by CC&G or by the French central counterparty LCH Clearnet.