Despite these events, Express II emphasised its efficiency by working properly using all facilities it has at its disposal to minimise effects on the participants. In fact, at the end of the daytime net cycle the settlement rate was 88.6% in terms of trades settled.
Monte Titoli intends to discuss actions and measure to be taken with market participants in order to prevent such events happening again.
Express II is judged to be one of the most efficient settlement systems in the world. Since its launch in January 2004 its settlement rate has been on average of 99.7%.
Express II uses sophisticated mechanisms that enable participants to minimize the effective need for cash by means of collateralisation facilities.
In 2005 the sole multilateral net process reduced the amount to be settled to €5.5 billion compared to the total amount daily settled equal to €181 billion. Less then 50% of the amount of overnight net balances were settled using the effective quantity of cash made available by participants to the settlement system.
During 2005 these collateralisation functions produced an increase in liquidity of over €2.7 billion on a daily basis allowing participants to benefit from significant savings in their own treasury management."