Economy Economy and International relations Global

We talk about: 1) concerns over the stock exchange and 2) the role of Milan as financial hub.

Yesterday the “Sole24Ore” at page 18 published my comments and especially concerns about the future of the Italian Stock Exchange in the light of the probable acquisition of Refinitiv by the London Stock Exchange Group: the acquisition could give more weight to the data related activities of the group putting Borsa Italiana, our stock exchange, in a more marginal position within the group.
Moreover within Refinitiv there’s a platform similar to the MTS (the platform where most government bonds are negotiated) so that, especially in the Italian press, the concern that the activities of the MTS would be transferred to London raised. Fortunately Mr. Jerusalmi, CEO of the Italian Stock Exchange, denied this possibility calling it “fake news”. I also had a reassuring call with the general director of our Central Bank and next week I’ll meet the top management of the Bank of Italy to further discuss the matter. Moreover I asked to meet the Minister of Economics and Finance and the Chairman of CONSOB, the surveillance authority on stock exchange.
We need to preserve the role of Milan as one of the global financial Centers and if possible to improve it in the light of Brexit and towards new markets like the ones in the Mediterranean Region.
During our 14 months of government we have set forth several measures to attract businesses from Brexit like for example the Brain Drain Law (used by some financial institutions) and the Regulatory Sandbox for Fintech.
Unfortunately we can’t say the same happened at the local level; I would have expected the Mayor of Milan, Mr. Sala, to hold a Roadshow in the UK to attract to Milan as many financial institution as possible. It didn’t happen but Brexit is probably happening very soon.

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