Commodity swaps in Italy are classified as financial instruments as are equity, currency and interest rate swaps. This is pursuant to article 1, paragraph 2 of Legislative Decree No 58 of the Consolidated Law on Financial Intermediation (February 24 1998). According to the public authority responsible for regulating the Italian securities market (Consob) trading in commodity swaps can be considered an investment service as defined in article 1, paragraph 5 of the same Decree.
June 30 2002