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Clearing and settlement - Monte Titoli

Settlement consists in executing the obligations provided for by a contract for the exchange of financial instruments. Following the dematerialization of securities, execution is performed by way of book entries to the accounts of the counterparties.

Monte Titoli S.p.A. has been authorized to operate the settlement services by the Bank of Italy, which in the past directly managed a securities settlement procedure. The settlement services comprise a net component (with two cycles, of which one is overnight) and a gross component. In the net cycles the system uses automated procedures to derive the optimal settlement result on the basis of participants' holdings of securities and cash.