Italy: Financial Sector Assessment Program: Detailed Assessment of the Observance of Monte Titoli of the CPSS/IOSCO Recommendations for Securities Settlement Systems
IMF Staff Country Reports, March 1, 2006
Source details
- Canonical URL
- Italy: Financial Sector Assessment Program: Detailed Assessment of the Observance of Monte Titoli of the CPSS/IOSCO Recommendations for Securities Settlement Systems
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Bibliographic details
- Published: March 1, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451819946.002
Overview and scope
- Publication date: March 1, 2006
- Format: IMF Staff Country Reports
- Pages: 35
- Volume: 2006
- Issue: 081
- Series: Country Report No. 2006/081
- DOI: https://doi.org/10.5089/9781451819946.002
- Stock No: 1ITAEA2006007
- ISBN: 9781451819946
- ISSN: 1934-7685
- Subject areas: Currencies; Financial institutions; Financial markets; Financial regulation and supervision; Legal support in revenue administration; Money; Operational risk; Revenue administration; Securities; Securities settlement systems
Key findings
- The rules and regulations governing the operations and activities of Monte Titoli (MT) are public and accessible to participants.
- Italian laws and regulations of Banca d’Italia (BI) and Consob provide a sound legal basis for the enforcement of transactions.
- The legal framework defines:
- the terms and conditions of transactions;
- the rights and obligations of the involved counterparties;
- the obligations of MT toward their participants.
Areas addressed (from the report metadata and keywords)
- Operational and legal aspects of securities settlement systems, including:
- board of directors;
- book entry;
- cash settlement;
- central bank roles;
- custody procedure of MT;
- settlement process and settlement system design;
- securities accounting procedure;
- securities lending;
- terms and conditions governing participants and MT.
- Risk and governance topics:
- CR and credit risk considerations;
- MT risk analysis framework;
- ISCR;
- Operational risk and risk management;
- independent director oversight.
Implications for policy and oversight
- Publicly accessible rules and clear statutory backing support enforceability of transactions and transparency for participants.
- Coherent interaction between BI and Consob regulation strengthens the legal basis for securities settlement operations and participant protections.
- Explicitly defining counterparty rights and MT obligations facilitates operational certainty and risk management in the settlement system.
Source: International Monetary Fund. "Italy: Financial Sector Assessment Program: Detailed Assessment of the Observance of Monte Titoli of the CPSS/IOSCO Recommendations for Securities Settlement Systems", IMF Staff Country Reports 2006, 081 (2006), March 1, 2006. DOI: https://doi.org/10.5089/9781451819946.002