 Italy: Technical Note on Financial Risk Management and Supervision of Cassa Di Compensazione e Garanzia S.P.AInternational Monetary Fund No 2013/351, IMF Staff Country Reports from International Monetary Fund Abstract: This Technical Note analyzes financial risk management and supervision of Cassa Di Compensazione e Garanzia S.P.A. (CC&G) in Italy. CC&G, the Italian central counterparty (CCP), is systemically important for the Italian market, and through the link with the French CCP, it is also relevant in terms of cross-border financial stability. CC&G’s financial risk management framework is being improved further to comply with European Market Infrastructure Regulation (EMIR) requirements. The main changes that CC&G needs to implement include higher “skin in the game” resources, the introduction of concentration limits on collateral, the reform of its liquidity management and of its investment policy, and introduction of individual client account segregation. Keywords: ISCR; CR; risk framework; management framework; CCP rule; liquidity shortfall; interoperability arrangement; vis-à-vis CC&G; liquidity provider; uncovered liquidity shortfall; link arrangement; g benefit; CCP failure; Central counterparty clearing house; PFM information systems; Liquidity risk; Liquidity; Europe (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2013/351 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC. |
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