Italy State Lender Chief Says MTS Key in Debt Management Selena Frasson European bond trading platform MTS SpA is an important strategic asset for Italy, Cassa Depositi e Prestiti SpA Chief Executive Officer Dario Scannapieco said. "It's certainly a very important factor in the management of Italy's public debt," Scannapieco told reporters in Milan on Thursday. He reiterated that there is no offer for MTS at this time. Bloomberg reported Oct. 7 that Italian government concerns about keeping national oversight of the bond market could result in Cassa Depositi buying back owner Euronext NV's majority stake in MTS.
A Europe-wide push to centralize supervision of most EU stock exchanges to move toward a capital markets union has heightened tensions as national governments try to duck out or introduce exemptions. Earlier this month, Germany refused to support the proposal unless its Deutsche Boerse stock exchange remained under national supervision. The pushback forced the EU to water down its plans for centralized oversight, thus allowing various exchange operators to skirt supervision through ESMA, the European Securities and Markets Authority. "As always, we need to take a pragmatic approach," Scannapieco said regarding concerns about preserving national oversight of markets.
As with the European Central Bank "a balance needs to be struck between the level of centralization and the need to maintain supervision that is closer to the markets" he said adding that "we are all in favor of greater market integration." Asked about the relation with Euronext he said "there is always constructive dialogue underway.".
Source: Bloomberg Markets · Summarized by HeadlinesBriefing