CFCL General information – Italy
Reference
CFCL eligible fund types
Register Market
The following types of Italian investment funds are eligible in Clearstream:
- Open-ended mutual funds (fondi comuni di investimento “aperti”) under The Italian Consolidated Financial Act and secondary legislation, including Ministry of Economy and Finance Decree No. 30/2015 (Decree 30/2015).
- Private Equity Funds (AIFs) under Decree 30/2015
- Hedge Funds (AIFs) under Decree 30/2015
- Real Estate Investment Trusts (REIFs) under Decree 30/2015
CSD link
Investment funds that are eligible in Italy CSD, Monte Titoli, Milan or T2S can be made eligible in CFCL.
Please refer to the Market Link Guide - Italy for more information about funds available via the CSD link.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the Italian market.
Custody chain and depository
Italy is a T2S market.
The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonization of asset services and connectivity channels between CFCL, CBL, and CEU.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
CFCL utilises the T2S infrastructure platform to access Italy’ CSD (Euroclear Italy) through the intermediaries of CBL and CEU. Indeed, CFCL uses CBL as a global custodian across all markets.
Type of link | Direct link to Clearstream Europe AG for holding Monte Titoli T2S-eligible securities. Direct operated link via Intesa Sanpaolo for holding Monte Titoli non T2S-eligible securities. |
CSD | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | Asset Service Provider for CBL, Account Operator/custodian f or CBL | |
Name | Monte Titoli, Milan | Clearstream Europe AG | Clearstream Banking S.A. | Intesa Sanpaolo, Milan |
FATCA GIIN | 4FK4AX.00008.ME.380 | N1V1GJ.00002.ME.276 | N1V1GJ.00000.LE.442 | D9I1IN.00000.LE.380 |
LEI | 8156009CEEE1B8C7C646 | 549300298FD7AS4PPU70 | 549300OL514RA0SXJJ 44 | 2W8N8UU78PMDQKZ ENC08 |
Country of incorporation | Italy | Germany | Luxembourg | Italy |
Account type | Omnibus | Omnibus | Segregated | Mirror omnibus / omnibus |
Legal Account name/holder | Clearstream Banking S.A. Clearstream Europe AG | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. | Clearstream Banking S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | All T2S-eligible assets CLEARSTREAM EUROPE AG Mergenthalerallee 61 D-65760 Eschborn Germany Custodian/Depository for all non-T2S eligible assets INTESA SANPAOLO SpA Global Transaction Banking Securities Services Piazza della Scala 6 I-20121 Milan Italy |
Operational arrangements
This section describes the operational arrangements of the Italian market:
Domestic Market | Remarks | ||
| For CFCL clients (link to CEU through CBL) | For CFCL clients (link to Monte Titoli) | ||
Settlement in T2S | Yes | Yes | |
Settlement free of payment | Yes | Yes | |
Settlement against payment | Yes | Yes (EUR only) | Eligible settlement currencies (between CEU, CBL and CFCL counterparties only): AUD, CAD, CHFa , CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money | Yes | No. The account operator settles on its DCA and uses the DCA to collect cash proceeds from asset servicing. | |
Short selling of entitlement | No | No | |
Settlement penalty fees | Yes | Yes | |
Partial settlement | Yes | Yes | |
Recycling | Yes | Yes | |
Settlement with Euroclear | No | Yes | |
Hold and Release | Yes | Yes | |
Allegements | Yes | Yes | |
Transaction Linking | Yes | Yes | |
Bilateral Cancellation | Yes | Yes | |
Registered securities | Yes | Yes | |
Transaction Management | Yes | Yes | |
Proxy voting | Yes | Yes | |
Multi Market Securities | No | Limited | Limited to transfers to and from T2S Out CSDs if the home market is in T2S. |
Lending and borrowing | No | No | |
Liquidity Hub Connect | No | No | |
Sale and purchase of rights | No | No | |
Repo services | No | No | |
Market restrictions | No | No | |
FTT | Yes | Yes | |
Daily reconciliation | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | No | |
Moment of entry of instructions | The moment of the entry into the system of settlement instructions occurs with the validation performed on the T2S platform, according to the T2S rules. | ||
Irrevocability of instructions | The moment of the irrevocability of settlement instructions introduced in the system and properly validated occurs with the matching performed in T2S. | ||
Finality of instructions | The time of settlement finality occurs with the settlement processed in T2S. | ||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU.
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
As CBL is our sub-custodian, please refer to the Market Link Guide - Italy for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Euro (EUR) via T2 RTGS | Euro (EUR) via CCB |
CCB name: | Banque centrale du Luxembourg | Deutsche Bank AG, Frankfurt |
CBL account: | DE44 5007 0010 0938 2250 00 | |
Swift address: | TRGTXEPMRTG | DEUTDEFFXXX |