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This article was published May 9, 2016 at 11:11 hours.
the last change is the May 9, 2016 at 12:32.
The Consob accelerates the protection of savers after instances of Venetian banks and four banks finished in resolution regime. President Giuseppe Vegas at the annual meeting with the market announces three new products in consultation today, including product sheets with the essential characteristics of the instruments offered. “The turning point for transparency is the key piece of information – notes Vegas – because excessive amounts of information almost always a lack of information.” Consob thus anticipates the effects of European standards which will come in the next few years because “the wait can damage risprmiatori”.
An initiative, to Consob, which recalls various proposals have emerged in recent months: Il Sole 24 Ore advances from time the request, as already made in December last year in the Manifesto for the protection of savings, simplification the prospects for the protection of savers.
From the roof turmoil on government bond markets
A mention also the hot topic of possible limits to government bonds in the banks’ portfolio, assumptions supported by Germany but opposed from most European governments. Vegas reiterates its position against the introduction, at this stage, the weighting coefficients for government bonds in the portfolio banks. A hypothesis that would be a danger of “a new wave of turbulence and instability in the government bonds market.” Vegas says that “in the abstract the measure could have the positive effect would enhance the effectiveness of monetary policy, removing incentives to invest in government securities rather than lending to enterprises.” “However – continues the president – in the absence of adequate levels of capitalization in the sector higher than the minimum regulatory requirements, the measure in question would have the effect of favoring states with more ‘high ratings and force banks to reduce sharply and in a disorderly exposure of government bonds with worse ratings. “
Want a” Consob European “
the chairman of Consob then addressed the main issues of current events related to the world of finance. In the area of oversight, he said, it serves a European supervisory body on the financial markets on the banking model. “Make a full centralization of supervision on financial intermediation according to the model adopted in the banking sector is certainly not easy – he said – adding that, however, is the time to define the stages of a process of reform, to be implemented with the necessary gradualness during the next few years. ”
Well Atlas also as a defense against “vulture funds”
From Vegas also get a promotion fund atlas created by the banking system to facilitate the recapitalization and credit management deteriorated. Tools like the bottom Atlante, he said, are important to give immediate answers to the problems of Italian banks and to create a market of suffering, which also prevents opportunistic actions of vulture funds.
To intervene urgently on the timing of civil justice
Between Italy and other advanced countries “you are creating a gap on the timing of civile.È Justice must intervene urgently, “says the chairman of Consob. These measures serve “not only to limit the impact on the suffering and the banking sector but also for the hues of more ‘far reaching the entire production system of the country.”
more volatile Business Square other Bags
part of the report was devoted to the very Parima altalentante Stock Exchange in this part of the year. Milan Stock Exchange in recent months has been characterized by high volatility because they have taken “an increasing role” exchanges “dictated primarily by the desire to earn on short-term fluctuations, often through intra-day transactions and ultra-high frequency (high frequency trading ) which represent more than a quarter of trade in our market. ” In this context, “the same time, is decreasing the weight of the negotiations that contribute to the efficiency of the price formation mechanism, originating from long-term investors.” “The stock market in our country – he added – is still poorly representative of the productive fabric, less liquid and, therefore, more volatile of the major advanced countries Bags”, so that “the impact of each news is magnified.”
(Il Sole 24 Ore Thomson Plus)
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