Select Milano has articulated a clear programme, including the following measures to make Milan competitive and business friendly
Milan: City of the Eurozone
As a result of Brexit, the Euroclearing market is likely to leave London and be relocated in the Eurozone. Milan is the ideal financial centre to house the Euroclearing market. The clearing house, Cassa di compensazione e garanzia SpA, is part of the LSE Group and can maintain revenues on the LSE balance sheet, whilst capturing GDP growth and new jobs.
Protect and promote the Milan Stock Exchange group
The Milan Stock Exchange, the Cassa di compensazione e garanzia SpA (the clearing house), the Società emittenti titoli SpA (the depository trust company) and the Mercato telematico dei titoli di Stato (the sovereign bonds trading platform) are the backbone of the market infrastructure in Italy. The Milan Stock Exchange Group, as part of the London Stock Exchange Group, must be protected and promoted. Protect and promote British capital in Italy and further develop the Italian financial market.
Trade Bureau in London
The role of the Italian financial market in Europe should be constantly marketed and promoted. The relationship with stakeholders in the City of London should be reviewed based on enhanced cooperation. It is necessary to set up a permanent Milan liaison office in the City of London.
To maximise the attractiveness of the Italian financial market, the markets expect measures to reduce country risk. It is necessary to work towards establishing the Milano.Distretto:Affari financial citadel. An EEIG structure may reduce the risk of bureaucratic inefficiencies. An arbitration agreement may reduce the risk of slow justice. A district code may reduce the risk of legislative inconsistencies.
Brain redux law
Attract, develop and retain human capital must be central to the Milan development strategy. The brain redux bills have proven to be effective measures to reverse the brain drain. The scope of the bills needs to be extended and must include entrepreneurs, financiers, managers, professionals, and researches alike, on equal terms, regardless of nationality.
A tax free area in the former expo area
The financial industry needs a cluster of excellency to boost its capacity to create value. The Expo area can find a new commercial purpose and become part of the value-added chain by turning into a free tax area.
In spite of producing low tax revenues, the Tobin Tax interferes heavily on the Italian market’s ability to price financial assets, and should be abolished. Similarly, the capital gains tax has asymmetric features that penalise risk capital and reduces the capacity to access capital. It should be revised and aligned to the more sophisticated tax schemes adopted in the world’s major financial centres.