Banca IMI, the investment bank of the Intesa Sanpaolo Group, has closed down its futures and options clearing operations in the bank’s London office, which were transferred to the Milan headquarters and outsourced to Banca IMI’s holding company, Intesa Sanpaolo.
sources, most post-trade functions were already run out of
Milan, and the exchange-traded derivatives services were just
the last activities to follow this model.
According to the same sources, London will
now serve more as a "centre of excellence" for marketing and
sales operations as well as the new investment banking areas
moved from Intesa Sanpaolo, while the actual clearing and other
post-trade activities work would be done in Milan.
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