Italy: Recovery of surcharges for late transactions in ESES
Effective
1 September 2013
any amounts related to surcharges for late transactions applied to Monte Titoli by the ESES settlement platform (covering the markets of Belgium, France and the Netherlands) will be recovered from the relevant participants as pass-through costs.
According to the ESES rules, two different types of “late transactions” are defined:
- “Late same-day transactions”: instructions received by ESES after 14:30 on settlement date;
Note: Same-day FOP settlement instructions are currently accepted until 15:30. - “Late forward-effect transactions”: instructions received by ESES after 20:00 on the business day before settlement date (when trade date is earlier than settlement date).
According to the current ESES fee schedule, surcharges are incurred as follows:
- “Late same-day transactions” incur a surcharge of EUR 6.49;
- “Late forward-effect transactions” incur a surcharge of EUR 1.13.
Monte Titoli will pass on these charges to customers at cost, following invoicing by ESES and identification of the instructions and participants that caused the surcharge to be debited.
Recovery of these costs will be performed on a monthly basis, through the ordinary billing process.
Specific invoicing codes have been created in Monte Titoli’s fee schedule for intermediaries:
| Invoicing code | ||
| Recovery of “late same-day transactions” surcharges | DT0103 | |
| Recovery of “late forward-effect transactions” surcharges | DT0104 |
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