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

September 3, 2026

Summary

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.

Subject: Bank resolution framework, Central counterparty clearing house, Central securities depositories, Financial crises, Financial markets, Financial regulation and supervision, Internal audit, Operational risk, Public financial management (PFM)

Keywords: EURONEXT securities Milan, IMF staff, risk management framework, securities commission, staff team

Pages:
56
Volume:
2026
DOI:
https://doi.org/10.5089/9798229060622.002
Issue:
238
Series:
Country Report No. 2026/238
Stock No:
1ITAEA2026005
ISBN:
9798229060622
ISSN:
1934-7685

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