030417 CCG





Net earnings: €4.7 million

Turnover: €33.9 million


The Shareholders of Cassa di Compensazione e Garanzia, a Borsa Italiana Group company, approved the financial statements for year 2002, which ended with net earnings of €4.7 million on a total turnover of €33.9 million.

The Shareholders' Meeting of Cassa di Compensazione e Garanzia, held today also renewed the Board of Directors, appointing Prof. Angelo Tantazzi as President.

In 2002, Cassa di Compensazione e Garanzia, now in its tenth year, saw the production launch of the central counterparty system on the wholesale government securities market. Organised and managed by MTS S.p.A, it is one of the first initiatives aimed at non-captive markets. The project, instigated in partnership with the French Clearnet, involved the creation of the clearing system and definition of a specialised guarantee margin calculation model for bonds. The new system became operational on 16 December 2002.

2002 also saw the implementation of the Borsa Italiana stock market central counterparty project, which will start on 23 May 2003.

At the end of the year there were 120 subscribers to the clearing and guarantee system, 34 of whom were general, 33 individual and 53 indirect, divided by category into 62 banks, 7 from the EU, 53 SIM (dealer-brokers), 7 from the EU, and 5 stockbrokers. EU subscribers increased from 16 to 24 during the year.

The contract guarantee Fund listed 124 subscribers by the end of the year, 46 were resident banks as well as 43 SIM, 8 stockbrokers, 6 banks and 21 EU investment companies.

There were 230 subscribers to the settlement guarantee Fund, which included 166 resident banks, 50 SIM, 11 stockbrokers, 1 bank and 2 EU investment companies.

The range of web-based clearing auxiliary services has been expanded to include the "Internet Clearing Work Station" (ICWS) technical infrastructure, a new service equipped with high standards of security, enabling more efficient communications with the clearing system. It was completed in the second half of the year and launched in January 2003.




The Board of Directors of Cassa di Compensazione e Garanzia for the three-year period 2003-2005 is formed of:




Angelo Tantazzi

Vice President

Massimo Capuano

Managing Director

Renato Tarantola


Giovanni Sabatini


Andrea Giochetta


Raffaele Jerusalmi


Vincenzo Mioccio


Michele Monti


Fabrizio Plateroti


The General Manager of the Company is Danilo Battistelli.






Rome, 17 April 2003

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