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: The FSAP reviewed the regulation, supervision, and oversight of two key financial market infrastructures in Italy, Euronext Clearing (ENXC), a central counterparty, and Euronext Securities Milan (ES-MIL), a central securities depository. This technical note assesses: (i) theroles of Banca d’Italia (BdI) and the Capital Markets Supervisory Commission (CONSOB) in supervising ENXC and ES-MIL in line with CPMI-IOSCO’s Principles for Financial Market Infrastructures (PFMIs); (ii) governance arrangements under PFMI Principle 2; and (iii) risk management frameworks under PFMI Principle 3, including ENXC’s margin requirements under PFMI Principle 6.

Pages: 56
Date: 2026-09-03
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