Post Trade

post-trade-rev

Sub-segment	Main types of revenue	Customer profile	Highlights	KPIs

Clearing	• Fees based on trades or contracts cleared, and Central Counterparty (CCP) services	171 members, mainly banks and brokers, over 40 per cent of which are based outside Italy	Introduction of guarantee service for the interbank collateralised deposit market in Italy	Number of equities and derivatives contracts clearer 115.8 million (2010: 107.7 million)
Net treasury income	• Net Interest on cash and securities held for margin and default funds	Clearing members	Active treasury management of margins from increased derivatives and fixed income trading in Italy	Average initial margin held €6.9 billion (2010: €4.5 billion)
Settlement	• Revenue mostly comes from the settlement of equity and fixed income trades	Wide range of Italian and international banks and brokers for both on market and OTC trades	Settlement rate of 99.5 per cent exceeds the Bank for International Settlements’ quality standards	Settlement instructions handled 69.8 million (2010: 83.9 million)
Custody	• Fees are charged on the issuance of an equity or fixed income asset, when dividend and interest payments are made, and on any corporate action	Issuers of equity and fixed income products (mostly Italian based)	Government and corporate bond issuance remained at high levels Sale of Servizio Titoli in May 2011	Monte Titoli’s custody assets under management €3.02 trillion (2010: €2.87 trillion)