Italy: Financial Sector Assessment Program: Detailed Assessment of the Observance of Monte Titoli of the CPSS/IOSCO Recommendations for Securities Settlement Systems

International Monetary Fund

No 2006/081, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses a Detailed Assessment of the Observance of Monte Titoli (MT) for Securities Settlement Systems for Italy. The paper discusses that the rules and regulations governing the operations and activities of MT are public and accessible to participants. The Italian laws and regulations of Banca d’Italia (BI) and Consob provide a sound legal basis for the enforcement of transactions by defining the terms and conditions, and the rights and obligations of the involved counterparties as well as the obligations of MT toward their participants.

Keywords: ISCR; CR; central bank; financial market; board of directors; securities accounting procedure; settlement system; settlement process; risk management; securities lending; cash settlement; terms and conditions; independent director; monetary policy; MT risk analysis framework; book entry; credit risk; custody procedure of MT; Securities; Currencies; Securities settlement systems; Operational risk; Legal support in revenue administration; Global (search for similar items in EconPapers)
Pages: 35
Date: 2006-03-01
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