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SiCLEARING

SiCLEARING is the combination of two SiGRADE modules, SiEXPRESS II and SiSWIFT.
SiCLEARING manages clearing and settlement of securities in domestic and international markets.

Main Features

• SiCLEARING manage the exchange of data about negotiated trades and payments instructions with clearing and settlement systems (E.g.: Monte Titoli, Euroclear, Cleastream, etc,)
• SiCLEARING receives and stores messages from clearing and settlement systems, making them available for automated matching with internal back-office data
• SiCLEARING updates clearing and settlement status of every transaction
• SiCLEARING works totally online, using time driven transactions (batch working is possible)
• SiCLEARING can be adopted by every kind of institutions:
o Dealers not belonging to the market
o Dealers belonging to the market
o Clearers, who perform security settlement on their own account or on behalf of third parties
o Clearers, who perform cash settlement on their own account or on behalf of third parties
o Financial intermediaries, who settles cash through an external clearer
o Financial intermediaries, who settles securities through an external clearer

Advantages

• The parametric architecture of the solution provides good flexibility to match Express II requirements (securities and cash clearing on behalf of third parties, etc.).
• Comparison between back-office and market data for an easy check and balance. The solution can return to the back office security processing module all sorts of information about clearing and settlement, collaterals, etc.
• Management of unmatched or failed transaction.
• Security and cash positions are continuously compared with Monte Titoli and Banca d’Italia, to report possible imbalances.
• SiCLEARING can aggregate many payment instructions into single ones, thus allowing significant savings in terms of Express II fees.