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Source: Spectrum Markets
Spectrum Markets, the pan-European trading venue for securitised derivatives, announced today it is collaborating with Euronext Securities Milan, the Central Securities Depository (CSD) for the Italian financial market formerly known as Monte Titoli, to further enhance connectivity and provide pan-EU post-trade solutions.
The new agreement responds to strong demand from Italian financial institutions wanting to join the venue but requiring the option of local settlement. Spectrum will connect to Euronext Securities Milan’s X-TRM settlement infrastructure which will handle:
• Trade capture and enrichment
• Bilateral aggregation and netting
• Sending of settlement instructions to Target-2-Securities (T2S)
By doing so, Spectrum is aligning itself with the requirements of the local market, incorporating a settlement solution that is already widely used in order to reduce the burden on financial institutions when it comes to enabling their customers to trade securitised derivatives.
“The ability to easily connect to an established, ‘plug and play’ trading ecosystem is something that the leading Italian institutions have told us they really value, and so we quickly concluded that a local settlement option was an obvious and long-term investment to better serve our members” explains Nicky Maan, CEO of Spectrum Markets.
“When we looked at how best to respond to the specific needs of the local market, integrating with Euronext Securities Milan in Italy was a natural choice, while at the same time we continue to work on building and consolidating our network with other important players around Europe”, added Maan.
Following Euronext’s acquisition of the Borsa Italiana Group in April 2021, Monte Titoli has integrated under the Euronext brand and renamed Euronext Securities Milan, joining the network of Euronext’s CSD infrastructures, including a multi-asset-class clearing house and a significant network of European CSDs with close to €6 trillion in assets under custody.
Financial Services
