Italy’s second chance

Citigroup exposed the inflexibility of Italian bond exchange MTS when it flooded the Euro government bond market with sell orders last year. Now Icap, the UK bond broker, is challenging MTS’s monopoly in Italian government debt. MTS users deserve an alternative trading platform with a viable level of liquidity. But that’s not the only reason Italy should welcome Icap’s intitiative. The country has a chance to prove it can treat foreign entrants into its financial services industry fairly followi...