ABN AMRO Clearing Bank hooking up directly with Monte Titoli through T2S

‒      ABN AMRO Clearing Bank to settle Italian instruments directly with Monte Titoli
‒      This direct connection will  deliver clients with sharper deadlines, closer to the market cut-off time

ABN AMRO Clearing Bank hooked up to Monte Titoli as a Directly Connected Party (DCP), leveraging on its existing T2S connection. All customers’ portfolios have now been transferred to accounts maintained with Monte Titoli. Going forward, all transactions in Italian securities (shares and fixed income) will be settled directly with Monte Titoli.

Mauro Dognini, Monte Titoli Managing Director, said:
“We are proud that ABN AMRO Clearing chose Monte Titoli for its operations on the Italian market. With over 2 years experience gained on T2S, we are confident that we will be able to help ABN AMRO Clearing boost its operating efficiency and allow to also settle Italian instruments in central bank money. This sets an important milestone bearing out the strategy adopted by Monte Titoli. Our T2S gateway service enables us to provide our customers with settlement, asset servicing and fiscal services. It underpins our focus to target and service international clients with sophisticated needs.”

Reinier van Dam, Global Head Core Services & Network Management ABN AMRO Clearing Bank said:
“Implementing T2S was a formidable project for ABN AMRO Clearing and for the industry. It is great to see that we can now capitalise on these efforts to further streamline our street side connections and become a direct member of Monte Titoli. This allows us to raise our service levels in Italian securities to the highest market standards.”

Monte Titoli, a leading post-trade service company of the London Stock Exchange group, provides pre-settlement, settlement, custody, asset servicing and collateral management services on domestic and cross-border securities in more than 10 markets. The company has a large international customer base consisting of more than 100 banks and brokers, and its services reach over 2,300 issuers.
Monte Titoli is a strongly innovation-oriented company and was the first among Europe’s largest CSDs to participate in the T2S (Target 2 Securities) project. T2S is the  centralised settlement platform developed by the European Central Bank.