Euronext Milan
About
Euronext Milan is the central marketplace for the listing and trading of financial instruments in the Italian market and Cboe Clear Europe is pleased to offer clearing, settlement and risk management services for trades executed on Euronext Milan.
Cboe Clear Europe started cleared its first Euronext Milan trades in September 2021, and cleared over 11m trades in 2023.
We have a number of important liquidity providers and investment banks now live who play an active and significant role in ensuring high matching rates and trades are sent to Cboe Clear Europe for clearing. Clients are benefitting from cross netting with high volume MTF flow, reducing their post trade costs and lowering the cost of execution. We have a strong pipeline of new mandates from both the LP and Bank community in 2024 to grow market share and volume further.
As Cboe Clear Europe clears the same segments on multiple venues, Euronext Milan trades can be netted with existing positions and not incur any additional settlement fees.
The Euronext Milan markets are listed below:
- MTA – Mercato Telematico Azionario (MIC Code MTAA)
Shares, Depositary Receipts and subscription / pre-emptive rights
- BIt Eq MTF – BIt Global Equity Market (BIt GEM) (MIC Code MTAH)
Shares and Depositary Receipts
- ETF+ – (MIC code ETFP)
ETFs
Cboe Clear Europe maximises the operational and commercial benefits for trading and clearing participants as all trades cleared by Cboe Clear Europe are fully netted into one net settlement per ISIN per day. Cboe Clear Europe’s features includes:
- Preferred CCP clearing model
- Cross platform netting will deliver substantial settlement savings
- Direct Participant in Monte Titoli
- Trades will be incorporated in Cboe Clear Europe’s existing reporting
- Existing margin methodology may reduce margin requirements significantly
To take advantage of the benefits of preferred clearing with Euronext Milan contact the Cboe Clear Europe Relationship Management team who can provide an assessment of the savings resulting from the consolidation of Euronext Milan activity with Cboe Clear Europe. Contact us at [email protected]
Euronext Milan reporting
The CCP Identifier in Euronext Milan trade confirmations is available as follows:
MIT202 BIT – FIX Trading Gateway (FIX 5.0)
If a trade is cleared, when the Party Role (452)= Counterparty Firm (17), the Party ID will be populated with the CCP value of the CCP that will clear the trade:
| Execution report | Tag 448 PartyID = EMCFNL2AXXX |
MIT203 BIT – Native Trading Gateway Specification
If a trade is cleared, the counterparty will be populated with the CCP value of the CCP that will clear the trade:
| RFQ Execution report | Tag 122 Contra Firm = EMCFNL2AXXX |
| Execution report | Tag 119 Counterparty = EMCFNL2AXXX |
MIT204 BIT – Post Trade Gateway (FIX 5.0) Specification
If a trade is cleared when the Party Role (452)= Contra Firm(17), the Party ID will be populated with the CCP value of the CCP that will clear the trade:
| Trade Capture report | Tag 448 PartyID = EMCFNL2AXXX |
MIT205 BIT – Drop Copy Gateway (FIX 5.0) Specification
If a trade is cleared, when the Party Role (452) = Counterparty Firm (17), the Party ID will be populated with the CCP value of the CCP that will clear the trade:
| Execution report | Tag 448 PartyID = EMCFNL2AXXX |
Further information can be found on Euronext Milan's website.
Cboe Clear Europe reporting
Once trades executed on Euronext Milan are cleared by Cboe Clear Europe, Cboe Clear Europe’s real time, intraday and end of day files will include Euronext Milan activity.
Euronext Milan trades will appear in Cboe Clear Europe’s reporting under the relevant Market Identifier Code (TAG 58 in the FIX messages and TAG 8 in the Client Information File (CIF)).
