Italian state lender CDP seeks leadership change at Milan bourse
CDP is pushing Euronext to replace the Milan bourse chief executive. This move reflects government concerns over the exchange's role in national markets.
Insights:
Cassa Depositi e Prestiti (CDP) has formally written to Euronext N.V. urging the replacement of Fabrizio Testa as the chief executive of Borsa Italiana. This request, which is currently under discussion as of February 10, 2026, carries significant weight for the governance of the capital markets in Italy 
IT. Borsa Italiana is a critical asset that controls MTS, a platform where approximately €2.7 trillion of Italian government bonds are traded, making its leadership a matter of national importance.
IT. Borsa Italiana is a critical asset that controls MTS, a platform where approximately €2.7 trillion of Italian government bonds are traded, making its leadership a matter of national importance.The Milan-based exchange is a primary revenue driver for Euronext, which acquired the bourse from the London Stock Exchange Group plc in a deal valued at €4.3 billion. The request from CDP comes at a time when the board renewal process is in its early stages. Fabrizio Testa is currently serving a term that is scheduled to conclude in the first half of this year, specifically upon the approval of the financial results for 2025.
