Bank of Italy informs that during the month of May €-coin has increased to 0.95 (from 0.61 in April).

The indicator is buoyed by the resilience at historically high levels of business confidence and it reflects the recent data on economic growth in the first quarter that give slightly better signals than those of the flash estimate released at the end of April.
Bank of Italy has published the 2021 Annual Report.
With Market Notice of 31 May 2022, Euronext Clearing informs of migration to a VaR-based margin methodology on Italian, Spanish, Portuguese and Irish government bonds.
Go-live date will be the 20 June 2022 and the first impact will be on intraday margins.
ESMA has published a report on the Common Supervisory Action (CSA) on costs and fees for investment funds, that was carried out with National Competent Authorities (NCAs) during 2021.
The CSA Report presents the main results of this exercise, namely:
  • There is room for improvement on the application of the ESMA supervisory briefing on the supervision of costs in UCITS and AIFs, particularly for smaller management companies;
  • Some questions arise concerning compliance with delegation rules where portfolio managers i.e. delegates, exercise significant influence or even decide the level of costs;
  • Divergent market practices exist as to what industry reported as “due” or “undue” costs;
  • Some NCAs discovered conflicts of interest at UCITS managers, in particular in case of related-party transactions;
  • In some instances there is a lack of policies and procedures on efficient portfolio management (EPMs) and lack of clear disclosures as required under the ESMA Guidelines on ETFs and other UCITS issues; and
  • Widespread use of fixed fee splits arrangements for securities lending continues, with unfavourable results for retail investors.