作者：阿莱桑德拉·米利亚乔与多纳托·保罗·曼奇尼意大利正考虑从泛欧交易所集团手中回购欧洲债券交易平台MTS SpA。总理乔治亚·梅洛尼此举旨在确保国家对本国债务市场的掌控权。
Italy is considering buying back European bond-trading platform MTS SpA from Euronext NV, as Prime Minister Giorgia Meloni seeks to preserve national oversight of the country’s debt.
据知情人士透露，意大利国有银行“储蓄与借贷银行”可能是此次收购方。该银行将收购泛欧交易所持有的MTS 63%的股份。MTS正是为提升意大利债券市场的流动性而设立的，其余37%的股份则由其他股东持有。
State lender Cassa Depositi e Prestiti SpA would be the potential buyer, according to people familiar with discussions who spoke anonymously to describe the private talks. The firm would buy Euronext’s 63% share of MTS, which was founded specifically to bolster Italy’s bond liquidity. The remaining 37% of MTS is held by other shareholders.
不过，收购成本可能成为一大障碍。据估算，泛欧交易所所持股份的价值约为6亿欧元（约合6.71亿美元）。
One potential hitch could be the cost, the people said. The Euronext stake is valued at roughly €600 million ($671 million).
随着欧盟力推市场一体化，梅洛尼愈发担忧意大利会失去对本国经济关键领域——尤其是债券市场的控制权。尽管她总体上支持欧洲经济进一步融合，但仍坚持保留部分监管权以管控本国高额的债务水平。近期欧洲债券市场的剧烈波动更坚定了她的这一立场。
The discussions reflect Meloni’s anxiety about losing national control over key elements of Italy’s economy — especially bond markets — as the European Union promotes market integration. While Meloni broadly supports further linking Europe’s economies, she has pressed to keep some oversight at home to supervise Italy’s high debt loads. Europe’s recent bond market turmoil has only strengthened that desire.
“储蓄与借贷银行”及梅洛尼办公室均拒绝置评；泛欧交易所发言人则表示“不对市场传言或猜测发表评论”。该发言人补充道：“MTS是泛欧交易所业务版图中的重要战略资产，我们仍将全力推动其发展。”
Spokespeople for Cassa Depositi and Meloni’s office declined to comment, while a Euronext spokesperson said it “does not comment on market rumors or speculation.”“MTS is a strategic asset within Euronext’s business, and we remain fully committed to its continued development as part of the Euronext Group,” the Euronext spokesperson added.
然而，意大利试图加强本土监管的努力正遭遇欧盟拟推新规的阻碍。该新规允许像泛欧交易所这样的金融机构仅向欧盟层面的监管机构——欧洲证券和市场管理局报备，而无需逐一获得各国监管机构的许可。
Italy’s push for local oversight is running into a proposed EU regulation that would let financial firms like Euronext deal with one EU regulator — ESMA, the European Securities and Markets Authority — instead of each national watchdog where they operate.
新规实施后，泛欧交易所便可作为“泛欧市场运营商”凭单一牌照开展业务，无需再在各国分别设立机构并申请审批。
The rules would let Euronext do business under one license as a PEMO, or Pan-European Market Operator, removing the need to establish itself and seek regulatory approval in separate countries.
据知情人士透露，这些潜在的变动引发了意大利部分政府部门的警觉。这些部门希望作为意大利国债主要受监管批发市场的MTS仍能处于国家控制之下。他们补充称，对国债管理状况的担忧正是罗马方面竭力推动意大利人卡洛·科姆波蒂出任欧洲证券和市场管理局负责人的原因之一；此外，回购MTS平台也被视作进一步保障国家控制权的手段。
The potential changes have rung alarm bells in certain Italian government circles that would prefer MTS — the main regulated wholesale market for Italian government bonds — stay under national control, the people said. Concern about Italian bond management is partly why Rome fought hard to win the appointment of Italian Carlo Comporti as head of ESMA, but buying back the platform is also being considered as a further guarantee, they added.
人们担心，若让MTS脱离国家监管机构的管控，可能会影响意大利国债的流动性。
The fear is that removing MTS from national regulators’ control could be a risk for Italian government bond liquidity.
鉴于意大利的债务规模占其经济产出的130%以上，属于欧洲最高水平之列，该国历来对债务管理策略慎之又慎。过去一个月里，作为风险衡量指标的意大利10年期国债与德国同类债券之间的利差持续扩大，这使得各界对国债发行及维持市场流动性的担忧进一步加剧。
Italy has historically been careful about its debt management strategies, given it carries one of Europe’s largest debt loads at over 130% of economic output. With the spread between Italian 10-year bonds and comparable German securities, a measure of risk, widening in the past month, concerns about bond sales and keeping liquidity high has increased.
MTS创立于1988年，旨在稳定意大利的债券市场。为确保流动性，各大市场参与者约定持续报出买卖价格，这样一来任何有意买卖国债的投资者都能随时找到交易对手。
MTS was founded in 1988 to help stabilize Italy’s bond markets. To ensure liquidity, the big players agreed to constantly post buy and sell prices, meaning any investor wanting to buy or sell could always find a trading partner.
最初，MTS是由意大利财政部、意大利央行及其他市场中介机构共同组建的合作平台。但在21世纪初，伦敦证券交易所收购了意大利证券交易所，MTS随之成为其旗下机构。2021年，泛欧交易所收购了意大利证券交易所，MTS便也归入这家欧洲证券交易所集团旗下。
Initially, MTS was a cooperation of the Italian Treasury, the Bank of Italy and other market intermediaries. But in the late 2000s, it became part of the London Stock Exchange after its acquisition of the Italian stock exchange Borsa Italiana. In 2021, Euronext acquired Borsa Italiana, making MTS part of that European stock exchange group.
此后，关于将MTS重新收归政府管控的讨论时有发生，但由于成本因素，始终未能形成定论。
Since then, there’s been occasional talk about bringing MTS back under government control, though nothing congealed in part due to costs.
彭博社此前报道称，梅洛尼向来主张对意大利国债实施严格的国家管控，立场极具民族主义色彩。她极力避免任何债务危机的迹象出现，毕竟当年金融动荡导致她的政治导师西尔维奥·贝卢斯科尼下台的经历仍令她心有余悸。
Meloni has long been known for her strong nationalist stance on management and control of Italian bonds. She is keen to avoid any hint of a debt crisis, remaining scarred by the financial tumult that felled her political mentor, Silvio Berlusconi, Bloomberg previously reported.
例如，当保险公司忠利保险集团提议将其资产管理业务与法国的Natixis Investment Managers合并时，意大利政府表示了担忧。政府认为，这家掌控着意大利民众储蓄资金并大量投资意大利国债的保险公司，其所有权对国家而言具有战略重要性。最终该交易未能达成。
For instance, when insurer Assicurazioni Generali SpA proposed combining its asset-management business with France’s Natixis Investment Managers, the Italian government expressed reservations. It argued that ownership of the insurer, which controls Italian household savings and invests in Italian government bonds, was strategically important for the country. The deal never went through.
意大利储蓄银行首席执行官达里奥·斯坎纳皮埃科此前曾称，MTS属于系统性基础设施，其治理机制需要得到妥善保障。目前，意大利储蓄银行持有泛欧交易所约8%的股份——这一投资举措被视作是确保意大利在该机构中保有话语权的必要举措。
Cassa Depositi Chief Executive Officer Dario Scannapieco has in the past described MTS as systemic infrastructure whose governance needs appropriate safeguards. CDP currently owns about 8% of Euronext — an investment that was framed as needed to keep an Italian role in the institution.