The global financial crisis and its effect on stock market volatility seems persuaded the market regulators how destabilising short-selling can be and how it contributes to undermine market's confidence. Following the decisions of other market regulators, the Italian securities exchange...

Past and future regulation to prevent a systemic financial crisisUp to now, the G20 has supervised the process to revitalize the real economy affected by the Great Recession through fiscal stimuli and a very easy monetary policy, and to rescue the battered financial system by injecting capital...

This paper aims to investigate the role of capital for banking institutions and provide an empirical analysis on large Italian banks' capital adequacy. The paper is organized as follows. The first section introduces to the issue of the paper. The second section explains why the capital is...

Interchange fees (IF) are fees that a cardholder's bank (issuer) receives from the merchant's bank (acquirer) when a card payment is executed. Interchange fees are an important part of the fees charged to merchants by acquirers. Because of their level and fragmentation, interchange fees can...

This essay first shows how the 1998 Consolidated Act on Financial Intermediation (TUIF) and subsequent reforms strengthened the role of Consob (the Italian S.E.C.). It argues that the TUIF greatly enhanced Consob's powers and role in the Italian securities market. Later reforms went in the same...