  This paper reports on a partially simultaneous observation of the bright
Seyfert 1 Galaxy Mrk590, performed by XMM-Newton and Chandra. The long exposure
(~100 ks) allows to investigate with great detail the Fe K complex at 6-7 keV
and the presence of soft X-ray spectral features. We have analysed XMM-Newton
data from the European Photon Imaging Camera (EPIC) in the 0.5-12 keV band and
from the Reflection Grating Spectrometer (RGS) in the 0.35-2.5 keV band, and
data from the High Energy Transmission Gratings (HETGs) onboard Chandra. UV and
optical data from the Optical Monitor (OM) onboard XMM-Newton are also included
in the analysis. The broad band spectrum is well described by an unabsorbed
power law and three unresolved Fe~K lines in the 6-7 keV range. The presence of
a Compton reflection component and a narrow Fe K line at 6.4 keV is consistent
with an origin via torus reflection. The ionised Fe lines at ~6.7 and 7 keV are
instead most likely originated by scattering on a warm and ionised gas. The
soft X-ray spectrum appears to be almost featureless due to the very bright
continuum emission, except for one emission line identified as OVIII Ly alpha
detected at ~19 Angstrom by both RGS and Chandra-MEG. The emerging picture
consists of an active nucleus seen directly on a "clean" line of sight without
intervening material, surrounded by photoionised circumnuclear gas at a high
ionisation level.
  We also study three serendipitous sources in the field of view of Chandra and
XMM-Newton. One of these sources may be identified with an ULX of L_{0.3-10
keV}~10^{40} ergs/s.
