The Bank of Italy adopts the Principles for Financial Markets Infrastructures established by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and by the Technical Committee of the International Organization of Securities Commissions (IOSCO) as the standards of reference for the supervision of Italian post-trading financial markets infrastructures, i.e. the securities settlement system and central securities depository managed by Monte Titoli s.p.a. as well as the central counterparty Cassa di Compensazione e Garanzia (CC&G). Following the application of the principles, CC&G is now a "qualifying central counterparty" and, as of 1st January 2014, participating banks may benefit from the favourable prudential requirements established in Basel III for exposures towards central counterparties.
