IMF Staff Country Reports

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

December 6, 2013

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International Monetary Fund. Monetary and Capital Markets Department "Italy: Technical Note on Financial Risk Management and Supervision of Cassa Di Compensazione e Garanzia S.P.A.", IMF Staff Country Reports 2013, 351 (2013), accessed November 8, 2025, https://doi.org/10.5089/9781475569711.002

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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.

Subject: Asset and liability management, Central counterparty clearing house, Financial instruments, Financial markets, Financial regulation and supervision, Liquidity, Liquidity risk, PFM information systems, Public financial management (PFM)

Keywords: CCP failure, CCP rule, Central counterparty clearing house, CR, Europe, G benefit, Interoperability arrangement, ISCR, Link arrangement, Liquidity, Liquidity provider, Liquidity risk, Liquidity shortfall, Management framework, PFM information systems, Risk framework, Uncovered liquidity shortfall, Vis-à-vis CC&G

Publication Details

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).

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