Italy: Banks Unions call for general strike on 31 October 2013 : Update III
Representatives of the Banks Unions have called for a general strike in Italy for 31 October 2013.
CC&G and Monte Titoli are open for business and are operating with a reduced staff. This is causing disruptions mainly in the following activities:
- Dividend payments of ETFs;
- Coupon payments and redemptions due on some corporate bonds;
- Payment of proceeds related to the expiry or early exercise of covered warrants.
With regards to settlement, the CSD system is running smoothly but the market is facing difficulties in maintaining contact amongst agents. This may result in delays in settlement and some transactions may not be settled today.
We continue to monitor the situation with respect to the local custody and settlement services and will provide more information as it becomes available.
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