Markets

This section brings together the provisions governing the functioning of regulated markets, trading venues and the main financial market infrastructures.

It contains the legislative and regulatory references relating to market transparency, integrity and supervision, as well as the centralised management of financial instruments, post-trading infrastructures and the main safeguards supporting the stability and proper functioning of the financial system.

The section also includes dedicated content on specific regulatory areas, including market abuse, short selling, financial benchmarks, credit ratings, EMIR, securitisations and central securities depositories.

General framework

Overview of the regulatory framework applicable to markets, including the main regulatory areas and operating rules.

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Market abuse

Rules governing market abuse, including insider dealing and market manipulation, aimed at safeguarding integrity, fairness and confidence in financial markets.

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Short selling

Rules applicable to short-selling transactions and related instruments, with particular attention to notification obligations, temporary restrictions and emergency measures.

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EMIR

Regulatory framework relating to OTC derivatives, central counterparties (CCPs) and trade repositories, aimed at reducing systemic risk and increasing transparency in derivatives markets.

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Central securities depositories

Rules governing central securities depositories (CSDs), settlement and custody activities relating to financial instruments and infrastructures essential to post-trading activities.

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Centralised management and dematerialisation

Rules concerning the centralised management and dematerialisation of financial instruments, including the issuance, circulation and transfer of securities in electronic form.

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Securitisations

Regulatory framework applicable to securitisation transactions, including simple, transparent and standardised (STS) securitisations, and the supervisory responsibilities assigned to CONSOB.

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Financial benchmarks

Rules governing benchmark indices used in financial markets, with particular regard to benchmark administrators, contributors, and governance and transparency obligations.

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Credit rating agencies

Rules governing the activities of credit rating agencies, aimed at ensuring the reliability, independence and integrity of ratings used by financial markets.

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Market transparency and supervision

CONSOB guidance and supervisory measures aimed at ensuring the proper functioning of markets, investor protection and the stability of the financial system.

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