No. 40 - The new financial intermediaries licensed in 2021-23: trends and innovative models

This paper describes the licensing activities carried out by Banca d'Italia over the last three years. A systematic review of the information acquired during the 2021-23 licensing phase reveals a number of trends, especially for the most innovative players. Overall, new entrants have had a limited impact on the structure of their reference markets. Looking ahead, an increase in the potential number of new financial intermediaries entering the market will be partly driven by regulatory developments, which have introduced a legal framework for new activities and restricted the provision of some services to licensed financial intermediaries.