Italy: Technical Note on Financial Risk Management and Supervision of Cassa Di Compensazione e Garanzia S.P.A.

Publication Date: December 06, 2013
Electronic Access: Free Full text (PDF file size is 801KB).
Use the free Adobe Acrobat Reader to view this PDF file

Summary: 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.
Series: Country Report No. 13/351
Subject(s): Payment systems | Bond markets | Financial institutions | Financial risk | Risk management | Bank supervision | Financial Sector Assessment Program | Italy

Notes These documents have been produced in the context of the recent Italy FSAP as background documents to the Financial System Stability Assessment (FSSA) report that was discussed by the Executive Board on September 20, 2013 and published shortly thereafter (the FSSA is available here).
Publication Date: December 06, 2013
ISBN/ISSN: 9781475569711/1934-7685 Format: Paper
Stock No: 1ITAEA2013010 Pages: 37
US$18.00 (Academic Rate:
US$18.00 )
Please address any questions about this title to