The Italian Inquisition

Regulation

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“The Banca d’Italia wants to ban derivatives products – it really is like they believe they are the instruments of the Devil.” This view from a leading international bank in Milan is not an uncommon sentiment. The collapse of Parmalat in 2003 has led to something like an Inquisition by Italian market regulators, and while derivatives had nothing directly to do with the fraud that brought down Parmalat, it apparently set Italy’s conservative regulators running scared of anything that looks like a

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