On Dec. 15, ITA CB issued guide on management of pooled collateral.
ITA CB issued operator's guide on management system for pooled collateral, securities deposits, version 2024.1, approved Dec. 12, 2023 with protocol no. 2150247/23.
Overview
ITA CB manages the Centralized Securities Accounts (CAT) procedure.
This allows for maintenance of a register of operators, and a system of securities accounts for the accounting of financial instruments of various types held by ITA CB.
Deposits in securities managed via CAT can be free securities deposits, where financial instruments accounted for are fully available to depositor, and are time bound.
This includes deposits to guarantee financing operations (open market operations, intraday credit, ECONS credit) and other guarantee deposits (of which the main concern is the issuing of bank drafts and the connection with the STEP2 system).
CAT procedure automatically manages interactions: with securities custody and settlement systems offered by the Italian central depository Monte Titoli; and with foreign central banks within the correspondent central banking model (CCBM).
Settlement of securities transactions between ITA CB and its counterparties in the securities settlement systems determines an update of the balances in the accounts in real time and the sending of the settlement information to the counterparties.
In securities deposits, can account for: financial instruments centralized at Monte Titoli S.p.a.1 (Italian securities or foreign securities sub-deposited with MT via eligible links).
In this case, securities accounted for in the CAT accounts represent the detail of what is held by ITA CB in the centralized management system managed by Monte Titoli S.p.A. (hereinafter Monte Titoli) in its own and in third party accounts.
Financial instruments not centralized in Monte Securities used via CCBM.
The collateral value of bank loans constituted as collateral for financing operations.
The collateral value of the securities pledged with foreign triparty agents.
Explained that the CAT procedure provides custody services relating to corporate actions on negotiable assets (automatic crediting of the interest and redemption value of the collateral securities into the cash account indicated by the depositor).
And sends daily list of securities balances held on the securities accounts.
Effectiveness
The guide is in force from Jan. 1, 2024.
Dec. 2024 CAT Guide Version 2025.1
On Dec. 9, 2024, ITA CB issued CAT guide version 2025.1 approved on Dec. 4, 2024.
The guide, which applies from Jan. 1, 2025, does not seem to be an update but a whole new document as there are no tracked changes nor summary of amendments.
As its predecessor, describes in detail the different steps of the CAT procedure, other.
