Published by Global Banking & Finance Review®
Posted on February 10, 2026
2 min readLast updated: February 10, 2026
Add as preferred source on GoogleItaly's CDP is urging Euronext to appoint a new CEO for the Milan bourse, amid concerns about Italian market operations and potential downgrades.
By Giuseppe Fonte
ROME, Feb 10 (Reuters) - Italian state lender Cassa Depositi e Prestiti (CDP) is pushing for pan-European exchange operator Euronext to replace Fabrizio Testa as chief executive of the Milan bourse, three sources familiar with the matter told Reuters on Tuesday.
Borsa Italiana has long been a sensitive asset in Italy, mainly because it controls MTS, where 2.7 trillion euros ($3.2 trillion) of Italian government bonds are traded.
Euronext - which operates the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris exchanges - completed its acquisition of Borsa Italiana in 2021 from London Stock Exchange Group. The 4.3-billion-euro deal made Italy one of Euronext's biggest trading venues and a key revenue driver.
As part of the transaction, state-backed CDP and Italy's largest bank Intesa Sanpaolo bought 8.1% and 1.55% of Euronext respectively. France's Caisse des Depots also holds 8.1%.
The sources, who requested anonymity due to the sensitivity of the matter, said CDP had written to Euronext urging top management change at Borsa Italiana.
Testa has been CEO since 2021. His current term ends with the approval of 2025 results in the first half of this year.
Borsa Italiana, Euronext and CDP declined to comment.
The sources cautioned that the board renewal process was still at an early stage.
CDP's move comes amid concerns within Italy's right-wing ruling coalition that Euronext could downgrade Italian operations while favouring listings in France or other markets.
Italy's market-cap-to-GDP ratio stood at 48% at the end of 2025, among the lowest in advanced economies, market watchdog Consob has said.
Prime Minister Giorgia Meloni has taken legislative steps to ease bottlenecks in domestic capital markets and strengthen Milan's competitiveness. But she also angered asset managers by backing measures that help controlling shareholders preserve a tight grip on listed companies, penalising minority investors.
($1 = 0.8396 euros)
(Additional reporting by Valentina Za in Milan. Editing by Mark Potter)
Euronext is a pan-European stock exchange operating in several countries, including Italy, and is known for its diverse trading venues.
Cassa Depositi e Prestiti (CDP) is an Italian state lender that plays a crucial role in financing public investments and supporting the economy.
Corporate governance refers to the systems and processes that direct and control a company, ensuring accountability and transparency.
A CEO, or Chief Executive Officer, is the highest-ranking executive in a company, responsible for making major corporate decisions.
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