Italian CSD Monte Titoli has moved its international assets from Euroclear to Clearstream. In a client newsletter, the CSD said the move is part of its strategic plan in preparation of TARGET2-Securities (T2S), the harmonized settlement platform for the Eurosystem, and a strengthening of its franchise.
The reorganization of the CSDs international assets will take place starting from settlement date Feb. 25 2013 with the move from Euroclear Bank to Clearstream Banking Luxembourg of all XS (the Eurobond isin) and EU denominated instruments.
The latest move sees a return of the assets to Luxembourg, where they were prior to April 2011. At that time Monte Titoli changed the depository used for Eurobonds, government bonds and corporate bonds from Clearstream Banking Luxembourg (CBL) to Euroclear Bank. Monte Titole moved the assets to Euroclear in two phases: first the Eurobonds in April 2011, followed by the equities in September 2011.
(JDC)