Coordination and the timely exchange of information can increase the ability to forestall crises and help overcome them when they do occur. BIS Review 40/1998  ˝  - 11 -  The reform of the securities market and the opening of finance to international competition have broadened and strengthened the structure of Italy’s financial system and improved its allocative efficiency.
The first stage of the upgrade, involving 10 commercial banks, is expected to be ready by the end of March of this year and the second stage, involving all of the remaining banks, by June. ii)  The enhanced Central Securities Depository (CSD) system is in the final stages of user acceptance testing.