Italy: Financial Sector Assessment Program-Technical Note on Financial Market Infrastructure: Supervision and Oversight of Governance and Risk Management at Euronext Clearing and Euronext Securities Milan

International Monetary Fund

No 2026/238, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents a Technical Note on Financial Market Infrastructures (FMIs) as part of the Italy Financial Sector Assessment Program (FSAP). It assesses the regulation, supervision, and oversight of two systemically important FMIs: Euronext Clearing (ENXC), a central counterparty, and Euronext Securities Milan (ES-MIL), a central securities depository. The Bank of Italy (BdI) and National Commission for Companies and the Stock Exchange (CONSOB) share supervisory responsibilities for both infrastructures, with cooperation formalized through a Memorandum of Understanding. ES-MIL is pursuing strategic expansion to strengthen its position as a European hub for securities markets, while targeted improvements in its risk-management framework are needed to enhance resilience. The assessment finds that BdI and CONSOB perform their supervisory responsibilities to high standards, supported by clear mandates, structured supervisory processes, and proactive stakeholder engagement. These practices provide a strong foundation for effective oversight, promote compliance with international standards, and reinforce the operational and financial resilience of Italy’s financial market infrastructures.

Pages: 56
Date: 2026-09-03
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