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First cross-border settlement repo transaction in the Fixed Income segment with Monte Titoli

5 May, 2021

Following the recent incorporation of new international counterparties, on April 26, BME Clearing registered the first Repo transaction in Spanish debt requiring cross-border settlement with the Italian CSD Monte Titoli. The transaction was executed between a national and an international counterparty, via the Brokertec platform, which settled successfully.

For BME Clearing, the transfer of settlement to Monte Titoli via the TARGET2-Securities platform, without it being necessary to be an Iberclear participant, is a new milestone in the Fixed Income Segment as it allows greater flexibility by removing barriers to cross-border settlement.

At the same time, this service offers Clearing Members in the Fixed Income segment the possibility of clearing and settling trades in securities portfolios held by the Monte Titoli CSD via BME Clearing.

The regulations adapted to Cross Border Settlement in the fixed income segment are available on BME Clearing’s website.

The inclusion of this new settlement system does not imply any change in the current clearing processes, except for the recipient of the settlement instructions. The registration of transactions, netting, clearing and calculation of margins, as well as the structure of messages and files, remain unchanged.

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