Monte Titoli is a company that offers post-trading and centralised administration of financial instruments. Monte Titoli S.p.A. was founded in 1978, and in December 2002, it became part of Borsa Italiana Group, which raised its shareholding of Monte Titoli’s capital to 98.77%. Since 1986, Monte Titoli has been the Italian Central Securities Depository for all Italian financial instruments, including Italian government bonds since 2002; currently, they are centralised at the company almost exclusively in a dematerialised form.
Since 1989, Monte Titoli has also undertaken the role of settlement system for the final settlement of securities balances calculated by the multilateral net clearing system managed by the Bank of Italy.
In November 2000, Monte Titoli launched Express (the delivery versus payment real-time gross settlement service), while in December 2003 it launched Express II, the clearing and settlement platform which integrates the current gross functionalities with multilateral netting functionalities in a single environment.
This was made possible because, in October 2000, Banca d’Italia and Consob authorised Monte Titoli to manage the clearing and settlement services for non-derivative financial instrument transactions. At present, Monte Titoli is one of the most efficient, cost-effective securities settlement systems in Europe with a wide range of services by means of a high degree of straight-through-processing that allows the management of growing volumes of business with significant economies of scale.
Monte Titoli’s services are available through different communication channels: RNI (the domestic interbank network), SWIFT and MT-X – Monte Titoli Internet Communication System.
Ciciretti, R., Trenta, U., 2006, La Borsa Europea. Una Visione d’Insieme, in Rapporto sul Sistema Finanziario Italiano 2006, ARACNE, Roma.
Editor: Rocco CICIRETTI
© 2009 ASSONEBB