MTS S.p.A. manages the wholesale market in government securities - MTS - and the wholesale market in government securities for institutional investors - Bondvision. These two regulated markets are authorized by the Ministry for the Economy and Finance and are supervised by Banca d'Italia and Consob.
The MTS has two segments, one for spot trades (MTS Cash) and one for repos (MTS/PCT). MTS Cash is an interdealer market whose participants, including remote members, must satisfy minimum capital and professional requirements. Both segments make central counterparty services available on an optional basis, jointly supplied by Cassa di Compensazione e Garanzia S.p.A. and LCH.Clearnet SA.
BondVision is a "dealer to customer" market that allows institutional investors to request MTS market makers to make quotes on government securities.