The Italian Inquisition
As regulators in Italy keep a watchful eye on derivatives-based investments, market participants are worried that new laws will enhance the supervisory powers of Consob, the securities regulator, over Banca d’Italia. By Matthew Crabbe , with additional reporting from Paul Lyon
“The Banca d’Italia wants to ban derivatives products – it really is like they believe they are the instruments of the Devil.” This view from a leading international bank in Milan is not an uncommon sentiment. The collapse of Parmalat in 2003 has led to something like an Inquisition by Italian market regulators, and while derivatives had nothing directly to do with the fraud that brought down Parmalat, it apparently set Italy’s conservative regulators running scared of anything that looks like a
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