Italy has not responded to other challenges with the same determination. It has been slow to react to the changes imposed by technological progress and by the opening up of global markets, remaining more exposed than other countries to competition from the emerging countries.
The regulators’ welcome push to move over-the-counter derivatives towards CCPs, which aims to limit counterparty risk and promote greater netting efficiency and transparency, may also have an effect on both the unsecured and secured money market segments. This is because such a move will lead to an increased need for high-quality collateral.