# Italian — Finance / Banking Sub-Lexicon

> **Scope.** This sub-lexicon covers two closely-related domains in a single per-language file: **Finance & Banking** (primary) and **Trading & Capital Markets**. The two were merged here because their vocabulary overlaps heavily (debt instruments, securities, exchange regulation) and translators typically need both at once. The two cross-language English-reference lexicons remain split: see `references/finance-banking.md` and `references/trading-capital-markets.md` as separate files.


Auto-generated from translation experience. Maps Italian finance/banking legal terms to
their correct English equivalents.

## Core Finance Document Terms

| Italian | English |
|---|---|
| privilegio speciale | special lien |
| atto di costituzione di privilegio | deed of special lien |
| contratto di finanziamento | facility agreement / loan agreement (LMA convention: "facility agreement" for standalone; "loan agreement" for bilateral) |
| finanziamento | facility / loan (the loan itself, as distinct from the contratto) |
| banca finanziatrice | lender |
| creditore garantito | secured party |
| creditori garantiti | secured parties |
| beneficiario del finanziamento | borrower |
| causa di escussione | enforcement event |
| evento rilevante | event of default |
| potenziale evento rilevante | potential event of default |
| periodo di garanzia (in security context) | security period |
| importo massimo garantito | maximum secured amount |
| oggetto della garanzia | subject matter of the security |
| beni oggetto del privilegio | lien assets |
| cancellazione del privilegio | release of the lien |
| trascrizione e pubblicazione | registration and publicity |
| linea per cassa | term facility |
| linea revolving | revolving facility |
| linea di credito | facility / credit facility |
| tasso di interesse | interest rate |
| interessi di mora | default interest |
| sorte capitale | principal amount |
| piano di ammortamento | repayment schedule |
| parametri finanziari | financial covenants |
| accordo intercreditorio | intercreditor agreement |
| divieto di garanzia | negative pledge |
| rimborso anticipato obbligatorio | mandatory prepayment |
| rimborso anticipato volontario | voluntary prepayment |
| condizioni sospensive | conditions precedent |
| dichiarazioni e garanzie | representations and warranties |
| premesse | recitals |
| allegati | schedules |

## Security-Specific Terms

| Italian | English |
|---|---|
| pegno | pledge |
| ipoteca | mortgage |
| cessione dei crediti | assignment of receivables |
| cessione in garanzia | assignment by way of security |
| garanzia autonoma a prima richiesta | on-demand guarantee |
| escussione della garanzia | enforcement of the security |
| privilegio | lien / charge |
| vincolo | encumbrance |
| pegno su quote | pledge of quotas |
| pegno su azioni | share pledge |
| pegno su conti | account pledge |
| conto vincolato | charged account / pledged account / blocked account |
| diritto di voto | voting rights |

## Party Roles

| Italian | English |
|---|---|
| concedente | grantor |
| beneficiario della garanzia | secured party (NOT borrower) |
| agente | agent |
| agente per la garanzia | security agent |
| notaio | notary |
| garante | guarantor |
| debitore ceduto | assigned debtor |
| mutuatario | borrower |
| mutuante | lender |
| capofila / arranger | arranger / mandated lead arranger |

## Section Headings

| Italian | English |
|---|---|
| COSTITUZIONE DEL PEGNO / IPOTECA | CREATION OF THE PLEDGE / MORTGAGE |
| IMPEGNI / OBBLIGHI | UNDERTAKINGS |
| DISPOSIZIONI GENERALI | MISCELLANEOUS |
| LEGGE APPLICABILE E FORO COMPETENTE | GOVERNING LAW AND JURISDICTION |
| COMUNICAZIONI | NOTICES |
| TASSE, IMPOSTE E SPESE | TAXES, DUTIES AND EXPENSES |
| TRASPARENZA BANCARIA | BANKING TRANSPARENCY |
| CAUSE DI ESCUSSIONE | ENFORCEMENT EVENTS |
| DEFINIZIONI | DEFINITIONS | Standard definitions section |
| CONCESSIONE DEL FINANZIAMENTO | FACILITY / LOAN | Facility grant provision |
| UTILIZZO | UTILISATION / DRAWDOWN | Borrowing mechanics |
| INTERESSI | INTEREST | Interest rate provisions |
| COMMISSIONI | FEES | Fee provisions |
| GARANZIE | SECURITY | Security/collateral provisions |
| IMPEGNI | UNDERTAKINGS | Covenants and obligations |
| EVENTI DI INADEMPIMENTO | EVENTS OF DEFAULT | Default triggers |
| DISPOSIZIONI RELATIVE ALL'AGENTE | AGENCY PROVISIONS | Agent powers/duties |

## Legal Formulae

| Italian | English |
|---|---|
| garanzia non esaustiva | non-exclusive security |
| a titolo universale o particolare | whether by way of universal or individual succession |
| successori e aventi causa | successors and assigns |
| non iscritti in pubblici registri | not registered in any public register |
| patrimonio | estate (insolvency) / assets (commercial) |
| modifica dell'Atto | amendment of the Deed |

## Project Finance — Construction Cross-Over Terms

| Italian | English | Avoid |
|---|---|---|
| istituti finanziatori | finance parties / lenders | "financing institutions" |
| comunicazione di avvio | notice to proceed (NTP) | "commencement notice", "start communication" |
| mutamenti legislativi | change in law | "legislative changes" |
| recesso | termination for convenience | "withdrawal" |
| risoluzione per inadempimento | termination for default | "resolution for non-performance" |
| accordo diretto | direct agreement | — |
| cronoprogramma dei lavori | project schedule | "timing plan" |
| collaudo | acceptance test | "testing" |
| progetto preliminare | preliminary design | "preliminary project" |
| progetto definitivo | detailed design | "preliminary design" (WRONG STAGE), "definitive project" |
| progetto esecutivo | construction design | "executive project", "detailed design" (use for definitivo) |
| direttore dei lavori | engineer (FIDIC context) | "works director" |
| penale / penali | liquidated damages (LDs) | "penalties" |
| varianti necessarie | mandatory variations | "necessary variations" |
| varianti discrezionali | discretionary variations | "optional changes" |

## Notes

- **"Beneficiario"** is context-dependent: "beneficiario del finanziamento" = borrower (receives
  the loan), but "beneficiario della garanzia" = secured party (benefits from the security).
  Never translate both as "borrower".
- **TUB / Testo Unico Bancario**: Translate as "Consolidated Banking Act" (abbreviation "CBA").
- **TUF / Testo Unico della Finanza**: Translate as "Consolidated Financial Services Act".
- **Project finance**: "Facility" always refers to a specific credit line (Term Facility, VAT
  Facility, DSR Facility). Never translate as "Loan" — "Facility" is the market standard.
- **LMA standard**: English finance documents generally follow Loan Market Association (LMA)
  conventions. Align terminology with LMA standards where possible.

## Core Banking Terms

| Italian Term | English Translation | Context |
|---|---|---|
| contratto di mutuo | loan agreement (Art. 1813 CC — mutuo is a specific Civil Code contract; distinct from the broader "contratto di finanziamento") | Direct bilateral loan |
| mutuo ipotecario | mortgage loan | Real estate-secured loan |
| mutuo chirografario | unsecured loan | Non-collateralised loan |
| mutuo fondiario | land-mortgage loan (Art. 38 TUB — special regime for long-term loans secured by first-ranking mortgage, with specific grace period and interest regime) | Italian land-mortgage credit |
| apertura di credito | credit facility / overdraft facility (Art. 1842 CC) | Pre-approved borrowing amount |
| scoperto di conto corrente | overdraft | Account deficiency |
| fido | credit line / credit facility | Credit line available |
| affidamento | credit facility / credit line | Approved credit |
| lettera di credito | letter of credit (L/C) | Documentary credit |
| credito documentario | documentary credit (typically governed by UCP 600) | Trade finance instrument |
| garanzia bancaria | bank guarantee | Bank's undertaking to pay |
| garanzia a prima richiesta / garanzia autonoma | on-demand guarantee / autonomous guarantee (detached from the underlying contract) | First-demand payment guarantee |
| fideiussione | suretyship (Art. 1936 CC — accessory to the underlying obligation) |
| fideiussione bancaria | bank suretyship | Bank's suretyship undertaking |
| fideiussione omnibus | omnibus suretyship (covering all present and future debts of the principal debtor) |
| lettera di patronage forte / debole | hard / soft letter of comfort |
| finanziamento sindacato | syndicated facility | Multi-lender facility |
| club deal | club deal | Limited-lender facility |
| pool bancario | banking pool / lending syndicate | Group of lenders |
| banca agente | agent bank / facility agent | Facility administrator |
| banca agente delle garanzie | security agent | Security administration |
| banca depositaria | depositary bank / custodian bank | Fund/security custodian |
| banca corrispondente | correspondent bank | Foreign settlement bank |

Note: `contratto di finanziamento` and `capofila` are defined in the Core Finance Document Terms section above; not duplicated here.

## Syndication Terms

| Italian Term | English Translation | Context |
|---|---|---|
| contratto di sindacazione | syndication agreement | Lender participation agreement |
| accordo tra creditori | intercreditor agreement | Multi-creditor ranking agreement |
| trasferimento della partecipazione | transfer of participation | Lender exit/sale |
| cessione del credito | assignment of claim / debt assignment | Credit assignment |
| sub-partecipazione | sub-participation | Indirect lender participation |
| pari passu | pari passu | Equal ranking clause |
| subordinazione | subordination | Priority deferral |
| debito senior | senior debt | Priority ranking debt |
| debito subordinato | subordinated debt | Deferred ranking debt |
| debito mezzanino | mezzanine debt | Mid-ranking debt |
| tranche | tranche | Facility portion with distinct terms |
| commitment | commitment | Lender funding undertaking |
| impegno | commitment | Binding obligation |
| tiraggio | drawdown | Borrowing occurrence |
| rimborso | repayment | Return of borrowed funds |
| rimborso anticipato | prepayment | Early voluntary repayment |
| rifinanziamento | refinancing | Facility replacement |
| waiver | waiver | Breach overlooking |
| deroga | waiver / waiver of requirement | Exception granting |
| amendment | amendment | Terms modification |
| modifica | amendment / modification | Contract change |
| consent | consent | Lender approval |
| consenso | consent / approval | Agreement/permission |
| maggioranza dei finanziatori | majority lenders | Controlling lender group |

## Regulatory and Prudential Terms

| Italian Term | English Translation | Context |
|---|---|---|
| vigilanza bancaria | banking supervision | Bank oversight |
| autorità di vigilanza | supervisory authority | Regulatory body |
| Banca d'Italia | Bank of Italy | Italian banking regulator |
| BCE | European Central Bank (ECB) | Euro area monetary authority |
| Banca Centrale Europea | European Central Bank (ECB) | Full Italian name for ECB |
| Meccanismo di vigilanza unico | Single Supervisory Mechanism (SSM) | ECB-led supervision |
| MVU | Single Supervisory Mechanism (SSM) | Italian abbreviation for SSM |
| Meccanismo di risoluzione unico | Single Resolution Mechanism (SRM) | Bank resolution authority |
| MRU | Single Resolution Mechanism (SRM) | Italian abbreviation for SRM |
| autorizzazione all'esercizio dell'attività bancaria | banking licence | Bank operating authorisation |
| requisiti patrimoniali | capital requirements | Regulatory capital minimums |
| fondi propri | own funds | Regulatory capital (total) |
| capitale di classe 1 | Common Equity Tier 1 (CET1) | Highest-quality capital |
| CET1 | Common Equity Tier 1 (CET1) | English/Italian shared abbreviation |
| capitale aggiuntivo di classe 1 | Additional Tier 1 (AT1) | Subordinated capital |
| AT1 | Additional Tier 1 (AT1) | English/Italian shared abbreviation |
| capitale di classe 2 | Tier 2 (T2) | Lower-tier capital |
| T2 | Tier 2 (T2) | English/Italian shared abbreviation |
| coefficiente di solvibilità | solvency ratio | Own funds to RWA ratio |
| coefficiente di leva finanziaria | leverage ratio | Tier 1 capital to assets ratio |
| riserva di conservazione del capitale | capital conservation buffer | Prudential capital buffer |
| riserva anticiclica | countercyclical buffer | Cyclical prudential buffer |
| riserva sistemica | systemic risk buffer | Systemic importance buffer |
| MREL | minimum requirement for own funds and eligible liabilities (MREL) | SRM resolution requirement |
| TLAC | total loss-absorbing capacity (TLAC) | G-SIB international requirement |
| stress test | stress test | Regulatory solvency assessment |
| SREP | supervisory review and evaluation process (SREP) | ECB individual bank assessment |
| CRR | Capital Requirements Regulation (CRR) | EU Regulation 575/2013 |
| Regolamento UE 575/2013 | Capital Requirements Regulation (CRR) | Full regulatory reference |
| CRD | Capital Requirements Directive (CRD) | EU Directive 2013/36/EU |
| Direttiva 2013/36/UE | Capital Requirements Directive (CRD) | Full directive reference |
| Basilea III | Basel III | International prudential framework |
| bail-in | bail-in | Liability write-down/conversion tool |
| piano di risoluzione | resolution plan / living will | Bank failure strategy |
| diritto di passaporto | passporting | EU cross-border licensing |
| separazione strutturale | ring-fencing | Retail/trading separation |

## AML/KYC Terms

| Italian Term | English Translation | Context |
|---|---|---|
| antiriciclaggio | anti-money laundering (AML) | Money laundering prevention |
| AML | anti-money laundering (AML) | English abbreviation used in Italian texts |
| riciclaggio | money laundering | Criminal finance concealment |
| finanziamento del terrorismo | terrorist financing | Support for terrorist entities |
| adeguata verifica della clientela | customer due diligence (CDD) | KYC assessment |
| verifica rafforzata | enhanced due diligence (EDD) | Heightened customer assessment |
| verifica semplificata | simplified due diligence (SDD) | Reduced customer assessment |
| KYC | know your customer (KYC) | Customer identification standard |
| conosci il tuo cliente | know your customer (KYC) | Italian full form |
| titolare effettivo | beneficial owner | Ultimate beneficial owner |
| persona politicamente esposta | politically exposed person (PEP) | High-ranking official |
| PEP | politically exposed person (PEP) | English abbreviation used in Italian |
| segnalazione di operazione sospetta | suspicious transaction report (STR) | AML reporting |
| SOS | suspicious transaction report (STR) | Italian abbreviation |
| Unità di Informazione Finanziaria | Financial Intelligence Unit (FIU) | AML reporting recipient |
| UIF | Financial Intelligence Unit (FIU) | Italian abbreviation |
| obbligo di segnalazione | reporting obligation | Mandatory AML reporting |
| registro dei titolari effettivi | beneficial ownership register | UBO register |
| D.Lgs. 231/2007 (Decreto Legislativo 231/2007) | Legislative Decree No. 231/2007 — Italian AML Law | Primary Italian AML statute implementing AMLD3/4/5; often abbreviated as "D.Lgs. 231/2007" in professional practice. NB: not to be confused with D.Lgs. 231/2001 (corporate criminal liability). |
| Direttiva UE antiriciclaggio | EU Anti-Money Laundering Directive (AMLD) | EU directive reference |
| AMLD | EU Anti-Money Laundering Directive (AMLD) | Must specify AMLD4, AMLD5, AMLD6 |
| Direttiva 2015/849/UE | EU Anti-Money Laundering Directive 4 (AMLD4) | AMLD4 reference |
| Direttiva (UE) 2018/843 | EU Anti-Money Laundering Directive 5 (AMLD5) | AMLD5 reference |
| Direttiva (UE) 2024/1640 | EU Anti-Money Laundering Directive 6 (AMLD6) | AMLD6 reference (2024 AMLA package; criminal-law component complemented by Directive (EU) 2018/1673) |

## Sanctions Terms

| Italian Term | English Translation | Context |
|---|---|---|
| sanzioni | sanctions / restrictive measures | Financial restrictions |
| misure restrittive | sanctions / restrictive measures | Regulatory restrictions |
| embargo | embargo | Trade restriction |
| lista delle persone sanzionate | sanctions list / designated persons list | Official sanctions register |
| lista SDN | SDN List (Specially Designated Nationals) | OFAC sanctions list |
| congelamento dei beni | asset freeze | Asset access restriction |
| divieto di messa a disposizione | prohibition on making funds available | Funds transfer prohibition |
| persona sanzionata | sanctioned person / designated person | Subject of sanctions |
| soggetto designato | designated person / sanctioned person | Sanctions target |
| screening | sanctions screening | Sanctions list checking |
| licenza | licence / authorisation (sanctions context) | Sanctions exception permission |
| autorizzazione | licence / authorisation | Sanctions permission |
| OFAC | Office of Foreign Assets Control (OFAC) | US sanctions agency |
| Regolamento UE sanzioni | EU Sanctions Regulation | EU-level sanctions |
| Ufficio del Controllo dei Beni Esteri | Office of Foreign Assets Control (OFAC) | Italian translation (rarely used) |

## Payment and Settlement Terms

| Italian Term | English Translation | Context |
|---|---|---|
| sistema di pagamento | payment system | Payment infrastructure |
| bonifico bancario | bank transfer / wire transfer | Electronic fund transfer |
| bonifico SEPA | SEPA credit transfer | Euro payment transfer |
| addebito diretto SEPA | SEPA direct debit | Authorised debit transfer |
| SWIFT | SWIFT | Messaging standard (not translated) |
| codice BIC | BIC code | Bank identifier code |
| IBAN | IBAN | International bank account number |
| compensazione interbancaria | interbank clearing | Bank-to-bank settlement |
| regolamento lordo in tempo reale | real-time gross settlement (RTGS) | Live payment settlement |
| RTGS | real-time gross settlement (RTGS) | English/Italian shared abbreviation |
| TARGET2 | TARGET2 | ECB payment system (not translated) |
| moneta elettronica | electronic money / e-money | Digital value representation |
| e-money | electronic money / e-money | English abbreviation used in Italian |
| istituto di pagamento | payment institution | PSD2-licensed entity |
| PSD2 | Payment Services Directive (PSD2) | EU Directive 2015/2366 |
| Direttiva sui servizi di pagamento | Payment Services Directive (PSD2) | Italian full form |
| Direttiva (UE) 2015/2366 | Payment Services Directive (PSD2) | Full regulatory reference |

## Reference Notes

- **LMA conventions**: English-law syndicated facility agreements follow LMA (Loan Market
  Association) standards. Pro-forma templates are updated periodically; ensure alignment
  with current LMA conventions.

- **Italian banking law distinctions**: Italian Civil Code distinguishes:
  - "Mutuo" (articles 1813-1822) = specific loan contract with principal and simple interest
  - "Finanziamento" = broader credit facility
  - In English, both translate to "loan" or "facility" depending on context, not source language.

- **Banca d'Italia vs ECB**: Banca d'Italia is Italian banking regulator (equivalent to
  other national regulators). ECB supervises via SSM in euro area. Both referenced in Italian
  banking documents; distinguish carefully in translation.

- **EU-wide standards**: CRR, CRD, AMLD, PSD2 are EU-wide directives/regulations applicable
  across all member states including Italy. These are retained in main English lexicon.

- **Italian-specific legislation**: D.Lgs. 231/2007 (AML), TUB (Consolidated Banking Act),
  and Banca d'Italia references are Italian-specific and moved to sub-lexicon only.

- **Capital requirements**: Basel III/CRR terminology (CET1, AT1, T2, MREL, TLAC, SREP) is
  internationally standardised. Both Italian and English documents use identical abbreviations.

- **AML directive evolution**: Italian documents may reference AMLD4 (2015, now amended by
  AMLD5 2018, further amended by AMLD6 2022). Upcoming AML Regulation (AMLA) will replace
  current directive framework. Always verify which version applies.

- **Banking Union framework**: SSM (supervision) and SRM (resolution) are EU-wide. Not
  Italian-specific, despite Banca d'Italia's role in SSM decision-making. Retained in main lexicon.

---

## Trading & Capital Markets — Italian

This sub-lexicon preserves Italian source terms and their English translations for reference and reverse-lookup purposes. Used to support the main English-only lexicon.

## Core Trading/Derivatives Terms

| Italian Term | English Translation | Context |
|---|---|---|
| contratto quadro ISDA | ISDA Master Agreement | Standard framework for OTC derivatives |
| conferma / confirmation | confirmation | Individual transaction document |
| allegato | schedule | ISDA agreement schedules and amendments |
| definizioni ISDA | ISDA Definitions | Published interest rate and commodity definitions |
| operazione | transaction | Generic OTC transaction (this is the standard Italian word for a trading "transaction") |
| transazione (trading context) | transaction | Alternative for "transaction" in the trading/derivatives context ONLY. **CRITICAL CROSS-FILE WARNING**: Italian *transazione* in non-trading legal context means **settlement / compromise agreement** (Civil Code Art. 1965), not "transaction" — see italian-litigation-settlement.md. Verify domain before translating. |
| derivato | derivative | Financial instrument deriving value from underlying |
| strumento derivato | derivative instrument | Formal legal term for derivatives |
| derivato OTC | OTC derivative | Over-the-counter, bilateral derivative |
| derivato negoziato in borsa | exchange-traded derivative | Exchange-cleared derivative |
| swap su tassi di interesse | interest rate swap (IRS) | Fixed vs floating rate exchange |
| swap su valute | cross-currency swap | Multi-currency interest/principal exchange |
| contratto a termine | forward | Bilateral forward contract |
| forward | forward | English term, not translated |
| opzione | option | Call/put option |
| cap / tetto | cap | Rate cap (maximum interest rate) |
| floor / pavimento | floor | Rate floor (minimum interest rate) |
| collar | collar | Cap + floor combination |
| credit default swap / CDS | credit default swap (CDS) | Credit protection derivative |
| total return swap | total return swap | Economic return exchange derivative |
| valore nozionale | notional amount | Face value for payment calculations |
| data di efficacia | effective date | Contract commencement date |
| data di scadenza | termination date / maturity date | Contract end date |
| data di pagamento | payment date | Scheduled payment date |
| data di calcolo | calculation date | Interest period calculation date |
| agente di calcolo | calculation agent | Party calculating payments |
| tasso fisso | fixed rate | Fixed interest rate |
| tasso variabile | floating rate | Benchmark-linked rate |
| tasso di riferimento | reference rate / benchmark rate | Published benchmark (EURIBOR, SOFR, €STR) |
| EURIBOR | EURIBOR | Euro Interbank Offered Rate |
| SOFR | SOFR | Secured Overnight Financing Rate |
| €STR | €STR | Euro Short-Term Rate |
| spread | spread | Fixed adjustment to floating rate (basis points) |
| margine | spread / margin | Adjustment to benchmark |
| mark-to-market / valutazione a mercato | mark-to-market | Current market valuation |
| accordo di finanziamento principale | prime brokerage agreement | Clearing, financing, settlement facility |
| accordo di rinuncia | give-up agreement | Broker-to-broker trade assignment |
| accordo quadro di garanzia / allegato di supporto creditizio | ISDA Credit Support Annex (CSA) | Standardised collateral framework |
| novazione | novation | Contract replacement / substitution |
| riconciliazione del portafoglio | portfolio reconciliation | Position matching between counterparties |
| compressione del portafoglio | portfolio compression | Offsetting trade termination |

## ISDA-Specific Terms

| Italian Term | English Translation | Context |
|---|---|---|
| evento di risoluzione | termination event | Non-default event triggering termination right |
| evento di inadempimento | event of default | Breach triggering early termination |
| risoluzione anticipata | early termination | Termination before scheduled date |
| importo di chiusura | close-out amount | Post-termination settlement amount |
| netting | netting | Offsetting amounts owed |
| compensazione | netting / set-off / clearing | Ambiguous: context-dependent |
| compensazione per close-out | close-out netting | Final netting upon termination |
| compensazione dei pagamenti | payment netting | Periodic payment offsetting |
| accordo di netting | netting agreement | Standalone netting framework |
| dichiarazioni | representations | Counterparty statements and assurances |
| impegni | covenants | Ongoing obligations and restrictions |
| clausola di cross-default | cross-default | Default under other contracts triggers default |
| flawed asset | flawed asset | ISDA concept: collateral with legal defect |
| set-off | set-off | Right to offset amounts owed |
| trasferimento | transfer / assignment | Transfer of rights and obligations |
| cessione | assignment | Formal transfer of claims/contracts |

## Margin and Collateral Terms

| Italian Term | English Translation | Context |
|---|---|---|
| garanzia collaterale | collateral | Security pledged |
| margine iniziale | initial margin | Upfront margin requirement |
| margine di variazione | variation margin | Daily mark-to-market adjustment |
| richiesta di margine | margin call | Demand for additional security |
| margin call | margin call | English term, not translated |
| contratto di garanzia finanziaria | financial collateral arrangement | Formalised security over financial assets |
| pegno finanziario | financial pledge | Lien/charge on financial assets |
| trasferimento del titolo | title transfer | Legal ownership transfer as security |
| contratto quadro di garanzia | credit support annex (CSA) | See main lexicon |
| allegato di supporto creditizio | credit support annex (CSA) | Alternative Italian term for CSA |
| haircut | haircut | Collateral valuation discount |
| scarto di garanzia | haircut | Italian term for valuation discount |
| titoli idonei | eligible securities / eligible collateral | CSA-permitted collateral |
| soglia | threshold | CSA exposure limit |
| importo minimo di trasferimento | minimum transfer amount | CSA administrative floor |
| restituzione dell'eccedenza | return of excess collateral | Release of overcollateral |

## Repo and Securities Lending

| Italian Term | English Translation | Context |
|---|---|---|
| pronti contro termine | repo / repurchase agreement | Sale with repurchase obligation |
| repo | repo / repurchase agreement | English term, not translated |
| operazione repo | repo transaction | Individual repo deal |
| repo a termine | term repo | Fixed-term repo |
| repo overnight | overnight repo | One-day repo |
| tasso repo | repo rate | Financing rate on repo |
| prestito titoli | securities lending | Temporary securities transfer |
| prestito di titoli | securities lending | Alternative form |
| mutuante di titoli | securities lender | Party lending securities |
| mutuatario di titoli | securities borrower | Party borrowing securities |
| commissione | fee | Lender compensation |
| sostituzione dei titoli | substitution of securities | Lender right to substitute |
| richiamo dei titoli | recall of securities | Lender right to demand return |
| GMRA | Global Master Repurchase Agreement (GMRA) | Repo standard agreement |
| GMSLA | Global Master Securities Lending Agreement (GMSLA) | Securities lending standard agreement |

## Market Infrastructure and Regulatory

| Italian Term | English Translation | Context |
|---|---|---|
| controparte centrale | central counterparty (CCP) | Trade counterparty for clearing |
| CCP | central counterparty (CCP) | Abbreviation used in Italian texts |
| camera di compensazione | clearing house | Clearing system operator |
| regolamento | settlement | Final funds/securities transfer |
| depositario centrale | central securities depository (CSD) | Securities safekeeping entity |
| sistema di negoziazione | trading venue | Securities trading platform |
| mercato regolamentato | regulated market | Formally supervised trading venue |
| sistema multilaterale di negoziazione | multilateral trading facility (MTF) | Alternative trading venue |
| MTF | multilateral trading facility (MTF) | English abbreviation |
| internalizzatore sistematico | systematic internaliser (SI) | Proprietary trading firm |
| EMIR | EMIR / Regulation (EU) No. 648/2012 | EU derivatives regulation |
| Regolamento UE 648/2012 | EMIR / Regulation (EU) No. 648/2012 | Full reference |
| MiFID II | MiFID II / Directive 2014/65/EU | EU investment services directive |
| Direttiva 2014/65/UE | MiFID II / Directive 2014/65/EU | Full reference |
| MiFIR | MiFIR / Regulation (EU) No. 600/2014 | EU trading transparency regulation |
| Regolamento UE 600/2014 | MiFIR / Regulation (EU) No. 600/2014 | Full reference |
| obbligo di compensazione | clearing obligation | EMIR requirement to clear |
| obbligo di segnalazione | reporting obligation | Trade reporting requirement |
| trade repository | trade repository | English term, not translated |
| LEI | Legal Entity Identifier (LEI) | Entity identification code |
| identificativo della persona giuridica | Legal Entity Identifier (LEI) | Full Italian form |
| controparte finanziaria | financial counterparty (FC) | EMIR classification |
| controparte non finanziaria | non-financial counterparty (NFC) | EMIR corporate classification |
| soglia di compensazione | clearing threshold | Notional amount triggering clearing obligation |
| tecniche di mitigazione del rischio | risk mitigation techniques | EMIR uncleared derivative requirements |

## Section Headings

| Italian Heading | English Heading | Context |
|---|---|---|
| DEFINIZIONI | DEFINITIONS | Standard contract section |
| OGGETTO | SCOPE / SUBJECT MATTER | Scope of application |
| OBBLIGHI DI MARGINE | MARGIN OBLIGATIONS | Margin requirements |
| EVENTI DI INADEMPIMENTO | EVENTS OF DEFAULT | Default triggers |
| CALCOLI E PAGAMENTI | CALCULATIONS AND PAYMENTS | Payment mechanics |
| GARANZIE COLLATERALI | COLLATERAL | Collateral/margin provisions |
| DICHIARAZIONI E GARANZIE | REPRESENTATIONS AND WARRANTIES | Party representations |
| LEGGE APPLICABILE | GOVERNING LAW | Applicable law and jurisdiction |

## Reference Notes

- **ISDA Master Agreement versions**: 1991 Protocol, 2000, 2006 versions exist; 1992 version
  is de facto standard. Always verify which version applies to source document.

- **ISDA Definitions**: Published definitions exist for interest rates (2006), FX (2006),
  commodities, equity, credit. Document may reference specific definition version.

- **CSA terminology**: Italian documents may use "allegato di supporto creditizio",
  "contratto quadro di garanzia", or simply "allegato" to mean CSA. Standardise to
  "ISDA Credit Support Annex (CSA)" in English-only version.

- **Benchmark naming**: Post-2016 LIBOR transition, Italian documents may reference
  "tasso interbancario", "EURIBOR", "€STR" (formerly "EONIA"). Verify current benchmark.

- **EU regulatory references**: EMIR and MiFID references are EU-wide (applicable in Italy),
  so these are retained in main English-only lexicon, not sub-lexicon.

- **No Italian-specific banking terms**: Italian banking authority (Banca d'Italia) and
  banking code (TUB) references are NOT in this lexicon—they belong in banking-regulatory
  sub-lexicon.

## Additional Lawlinguists-validated Italian Trading / Capital-Markets Mappings

| Italian | English |
|---|---|
| Testo Unico della Finanza (TUF) — D.Lgs. 58/1998 | Consolidated Law on Finance |
| CONSOB (Commissione Nazionale per le Società e la Borsa) | Italian Companies and Stock Exchange Commission |
| Banca d'Italia | Bank of Italy (prudential regulator under twin-peaks model) |
| COVIP (Commissione di Vigilanza sui Fondi Pensione) | Pension Funds Supervisory Commission |
| IVASS | see italian-transport-and-insurance.md (insurance regulator) |
| sistema multilaterale di negoziazione (MTF) | multilateral trading facility (MTF) |
| sistema organizzato di negoziazione (OTF) | organised trading facility (OTF) |
| internalizzatore sistematico (SI) | systematic internaliser |
| Borsa Italiana (Euronext Milan) | Italian Stock Exchange (part of Euronext since 2021) |
| MOT (Mercato Obbligazionario Telematico) | Electronic Bond Market |
| MTA (Mercato Telematico Azionario) | historic name for Euronext Milan main equity segment |
| Euronext STAR Milan | Euronext STAR Milan segment (for mid-sized issuers meeting enhanced corporate-governance requirements) |
| Euronext Growth Milan (EGM) | Euronext Growth Milan (SME Growth Market — formerly AIM Italia) |
| Monte Titoli | Italian central securities depository (part of Euronext Securities) |
| CCP (Cassa di Compensazione e Garanzia) | Central counterparty clearing house (part of Euronext Clearing) |
| abuso di mercato | market abuse (Regulation (EU) 596/2014 MAR + Directive 2014/57/EU CSMAD) |
| abuso di informazioni privilegiate | insider dealing |
| manipolazione del mercato | market manipulation |
| informazione privilegiata | inside information |
| prospetto | prospectus (Regulation (EU) 2017/1129) |
| emittente | issuer |
| quotazione | listing / admission to trading |
| offerta pubblica di acquisto (OPA) | takeover bid / public tender offer (Arts. 101-bis et seq. TUF) |
| OPA obbligatoria | mandatory takeover bid |
| OPA volontaria | voluntary takeover bid |
| OPA concorrente | competing bid |
| sell-out | sell-out right (Art. 108 TUF) |
| squeeze-out | squeeze-out right (Art. 111 TUF) |
| partecipazione rilevante | significant shareholding (disclosure thresholds under Arts. 120 TUF and Regulation (EU) 596/2014) |
| obbligo di trasparenza | transparency obligation |
| diritto di recesso dei soci | shareholders' withdrawal right |
| equity-linked | equity-linked (retain English) |
| cartolarizzazione | securitisation (Law 130/1999 on Italian securitisations; Regulation (EU) 2017/2402 STS Regulation) |
| società veicolo (SPV) | special-purpose vehicle (SPV) |
| patrimonio separato | segregated pool (statutory ring-fencing in Italian securitisations, Art. 3 Law 130/1999) |
| fondo comune di investimento | common investment fund |
| SICAV / SICAF | open-ended / closed-ended investment company with variable capital |
| SGR (Società di Gestione del Risparmio) | asset management company |
| deposito titoli | securities account / custody account |
| dematerializzazione | dematerialisation (Art. 83-bis TUF) |
| ISIN | ISIN (International Securities Identification Number) |
