Monte Titoli made a net profit of Euros 5.9 million in 2001, Euros 1.3 million upon 2000, according to results approved by the board today. The Italian CSD attributes the improvement to the growing volume of assets held by its systems and to its diversification.
At the end of 2001, the nominal value of securities held by Monte Titoli reached Euros 1,514.7 mln, while the number of issues lodged with the CSD reached 34,729, 55 percent up on the 22,331 recorded at the end of 2000.
The acquisition from the central bank of the depository function for Italian government bonds and the launch of Express – the new DVP/RTGS platform – between them accunt for a 24.4 per cent increase in revenue. Since operating costs were also down, gross operating profit increased 26 per cent.
Monte Titoli says it earned 66.4 per cent of its revenues from custody and administration; 27 per cent from clearing and settlement fees; and 6.2 per cent from fees charged to issuers. The CSD says it now has 653 intermediaries and 1,124 issuers participating in the system.
The Italian CSD also announced that it will be adding a new link to the DTCC to its ten existing links with other CSDs and ICSDs.