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Italy market profile
18 December 2007
Leaving the past behind
Read more:
Italy
tax
hedge funds
pension funds
There are big changes afoot in Italy that will transform the securities financing landscape, from both the supply and demand end of the market. The actual securities lending market as it stands is pretty liquid, with mostly domestic Italian lenders involved. Demand is driven by prime brokers from abroad, and is drawing attention with a decent amount of merger activity and listings over recent years, and with some very developed arbitrages. Though the market is highly regulated – there is a 2% limit to what you can hold, a rule that is more commonly 5% in other countries.
The changes approaching will really hitch the market up. They are going to bring a boost to the feeble Italian hedge fund market, and private pension fund market at the supply end. The changes are very real and already underway, and major international hedge funds and banks are setting up shop in Italy...
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