CAD IT launches its solution for "EasySET" settlement in its new release for Target 2 Securities onto the European market

CAD IT, leader in the Italian financial software market and listed in the STAR segment of Borsa Italiana, announces the launch onto the European market of its new EasySET platform for the total management of the settlement process following the onset of Target 2 Securities (T2S).

Target 2 Securities (T2S) is the new centralised platform for settling securities within the Euro-system which is causing a profound change within the financial market institutions such as Banks, Custodians and CSDs (Central Securities Depositories).

T2S will eliminate the differences between domestic and cross-border settlement and will lead to the progressive removal of national specifications, thus reducing settlement activities to a mere utility, forcing a clear separation from custody activities.

This extraordinary development in the Old Continent's financial system means that the various domestic financial markets will need to adapt their information technology systems.

CAD IT, with the new release of "EasySET", its own settlement platform, supports Financial Institutions in adjusting to the changes deriving from T2S, both as a DCP (directly connected participant) and an ICP (indirectly connected participant), as well as through Global Custodians.

The onset of T2S is the greatest event to occur in the European financial community in recent years and will be introduced gradually: on 31 August, Italy was one of the first European nations to operate on this platform. The remaining European countries will follow over the next two years. CAD IT's Italian banking institution customers were therefore among the first leading banks to confront the process of migration towards T2S with the support of EasySET. These customers include Iccrea Banca, which opted to become a “Full DCP”- Direct Connectivity Participant to T2S, and the Bank's Project Manager and spokesman, Pierduilio Cocuccioni, commented, “T2S is an important piece in the process of European financial market integration. The Iccrea Bank Group has decided to play a major part in tackling it by adopting, with the support of CAD IT's application solutions, the DCP solution, which, besides placing Iccrea on equal terms with the main European institutions in the post-trading field, also allows the group to take advantage of all the opportunities offered by the new context to the benefit of the Cooperative Credit system, which represents its clientele of reference”.

Taking advantage of this important experience, CAD IT intends to offer EasySET and its systems to every European Bank that will be affected by T2S.

Moreover, Monte Titoli has recently awarded EasySET conformity certification to the MT-A2A protocol for access to the Monte Titoli X-TRM service in the Target 2 Securities (T2S) version.

In its new release for “T2S”, EasySET originates from CAD IT's decades-long experience in settlement management for the Banks' back office and is a modern platform for managing the administration of the entire settlement process that is able to support the management of all the market, counterparty, custodian, ICSD (International Central Securities Depository) and CSD (Central Securities Depository) regulations.

EasySET guarantees:

• total automation of post-trade, pre-settlement and settlement activities;
• standard market messaging flow management (SWIFT ISO 7775 and SWIFT ISO 15022, ISO 20022, RNI) as well as proprietary flow management;
• matching and settlement status activities for Securities operability;
• Back Office Settlement activity setting and automation, defining the attribution of Custodians and settlement accounts for every type of transaction/activity;
• total management of securities and cash forecasts to support treasury activities.​

EasySET is a software module belonging to CAD IT's "Finance Area" suite (integrated but independent at the same time). With over 200,000 users at high-standing banking institutions, CAD IT's Finance Area is the most widely-used financial instruments trading and post-trading process management system in Europe.

Finance Area offers total cross asset and cross business automation of every process regarding the management of financial instruments in the following macro areas: Position Keeping, Securities Custody and Administration, Corporate Actions, Order Management, Trading Room, Master Data, Settlement, Asset Management, Reconciliations, REPOs (Buy/Sell Back, Repo, Triparty Repo, Stock and Bond Lending, Collateral Management), Know Your Customer, Consultancy and Reporting.

Finance Area manages high volumes in real time, supporting multi-lingual, multi-currency, multi-channel and multi-bank configurations for banking groups, custodians, outsourcers, insurance companies and brokers.