Guide to remote access to Banca d'Italia cash and securities settlement services

This abstract describes the requirements and methods for access by remote procedures to the Bank of Italy’s services for settlement of holdings in cash and securities and for the central securities depository system.

The purpose is to provide a guide for foreign operators, who have requested the information needed to participate directly in the Italian markets without setting up a branch in the country. In fact, since the start of Stage Three of EMU and the introduction of the European settlement system TARGET, many operators in the euro area have signalled an interest in the electronic secondary market in government securities (MTS) and the electronic interbank deposit market (MID).

The Guide explains the regulations in Italy governing online access to direct settlement services for contracts in the markets and for interbank transactions in the Italian system. For securities transactions, the Guide describes the operation of the centralized depository of Italian government securities (CAT), which must be used for automated settlement of transactions on MTS.

Some of the current procedures will change, however, as the process of European integration moves into the final phase. The centralized securities depository (government and private issues) is currently being overhauled: Monte Titoli S.p.A., now in charge of the centralized depository of non-government stock, will take over the management of all Italian securities and will become the single Italian point of entry of the prospective European network of depositories.

The last part of the Guide contains tables and appendices for rapid consultation.

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