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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2013. "Italy: Technical Note on Financial Risk Management and Supervision of Cassa Di Compensazione e Garanzia S.P.A," IMF Staff Country Reports 2013/351, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/351
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    Cited by:

    1. Pelizzon, Loriana & Subrahmanyam, Marti G. & Tomio, Davide & Uno, Jun, 2016. "Sovereign credit risk, liquidity, and European Central Bank intervention: Deus ex machina?," Journal of Financial Economics, Elsevier, vol. 122(1), pages 86-115.

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