The crisis makes Italians flee the market. In 2011 the percentage of households that invested in risky financial instruments (shares, bonds, managed savings, life insurance policies) decreased by 3%, reaching 17% from 20% around 2010. This is what emerges from the Consob annual report, on the processing of Gfk Eurisko data. In detail, the percentage of retail investors who own asset management products decreased from 11% to 9%, while the percentage of households who own shares or bonds decreased from 16% to 14%. Deposits, postal savings and government bonds exceed 80%.
BANKS' BOND YIELDS STILL DISADVANTAGEOUS FOR RETAIL
Consob then reveals that the median spread between the yields to maturity of fixed-rate bank bonds and those of BTPs with a similar residual life was negative by over 40 basis points in 2011 for domestic retail issues. At the same time, on the other hand, institutional investors benefited from a yield higher than that of BTPs by over 60 basis points on the Euromarket.
As regards floating-rate bank bonds, the median spread on the Euribor rate offered to retail stood at around 50 basis points in 2011, while for institutional investors the figure stood at significantly higher values (180 basis points).
INSPECTIONS INCREASE, ALSO ON THE STOCK EXCHANGE FOR THE FIRST TIME
There were 2011 inspections by Consob in 35, up on the 27 of the previous year. This is the highest figure in the last seven years. Furthermore, for the first time, investigations were conducted against Borsa Italiana and Monte Titoli Spa (in the latter case in collaboration with the Bank of Italy) in relation to the organizational structures and procedural solutions adopted.
SANCTIONS DOWN
Despite the increase in inspections, last year the sanctions decreased compared to 2010. In detail, Consob initiated 235 sanctioning procedures, down by 20% on an annual basis, while the total amount of the pecuniary sanctions applied was equal to 8 million euro, against 14,6 million of the previous year (-45%).
BOOM REQUESTS FOR DATA AND INFORMATION
In 2011, the subjects from whom Consob requested data and information on market abuse totaled 340, more than double the 142 in 2010. Of these, 161 were authorized intermediaries (banks, investment firms, asset management companies) against 37 of the previous year. In 61 cases, Consob made use of the collaboration of foreign supervisory authorities (17 in 2010).
FALLING REQUESTS FOR DATA PUBLICATION
Requests for the publication of data and news from the market are down, from 129 last year, against 164 in 2010 and 267 in 2009. On the other hand, there was more intense activity upstream: towards companies 611 requests for communications were made to Consob against 506 last year. It should be underlined that in 2011 Consob received almost 24 reports from analysts, an average of almost 100 studies per day.
Attachments: Consob Report.pdf
