Marcello Minenna
Marcello Minenna is an Italian economist, civil servant and editorialist. He has been head of quants at Consob, academic fellow at Bocconi University, and lecturer at the London Graduate School of Mathematical Finance.[1] Currently he teaches at the Sapienza University of Rome[2] and at the Università Telematica San Raffaele di Roma[3] as an adjunct professor. In 2020 he was appointed director of the Italian Customs and Monopolies Agency.[4] He ceased to hold this office in January 2023. On the 1st of February 2023 he was appointed technical assessor for Calabria. His mandate covers the following areas: environment and territory, financial programming, public subsidiary companies and strategic projects.[5]
Early life and education[edit]
In 1994 he obtained a Master's degree in economics at the Bocconi University.[6] He received a Phd in "Mathematics for the analysis of the financial markets" from Università degli studi di Brescia, and he obtained a Master of Arts at Columbia University[7]
Career[edit]
He worked briefly in the Procter & Gamble's market research department. In 1996 he joined the inspectorate office at Consob, and was appointed director of this office in 2015.
Minenna is a qualified chartered accountant and auditor, professor in financial intermediaries economics and corporate finance[8] and a senior lecturer in political economy[9] and in mathematics for economics and actuarial and financial sciences.[10]
He conducted a series of technical lectures on financial derivatives and on structured financial products. He was a technical advisor for the Presidency of the Republic. For his expertise in economics and finances he was appointed rapporteur by the Camera dei Deputati and by the Senato della Repubblica in regard to legislative measures and consultations.[7]
Following the law on savings enactment,[7] Minenna developed his own supervisory approach, which was adopted and transposed into national law in 2009. This specific supervisory approach provides a "quantitative framework that enables the assessment of the short term investment frame, the degree of risk, and relative potential profitability for each non equity financial instrument". This approach was then formalized in an essay titled "A Quantitative Framework to Assess the Risk-Return Profile of Non-Equity Products"; the preface to this book was written by Hélyette Geman. For Consob, Minenna developed a website automatic scanning procedure that is able to identify online illegal activities by systematically browsing the web using "spider" internet bots. This procedure led to the shutdown of hundreds of illegal websites.[11]
He produced pioneering results in the field of quantitative methods applied to the surveillance of financial markets focused on insider trading analysis,[12] market abuse detection[13] and risk disclosure of structured products through synthetic indicators.[14] In several public consultations these indicators have received the support of distinguished members of the international academia.[15][16][17][18]
For his work he has been cited as Quant Enforcer[19] and Quant Regulator[20] by Risk magazine.
Minenna is one of the European economists that propose a radical change of European Central Bank (ECB) policy, from an inflation target to an interest rate target, in order to achieve a substantial levelling of the real interest rates among the Eurozone countries (the zero spread strategy).[21] This would imply also the use of unconventional monetary measures, up to a partial debt monetization by the ECB.[22][23][24] This idea had some resonance in the national press[25][26] and abroad.[27][28]
In numerous occasions Minenna represented Consob in events of interinstitutional cooperation, such as the "The state-generals' repression of organized crime" for the Justice Ministry, and the MEF-Consob-Banca d'Italia task force in the field of trasparency regulations on derivatives transactions made by local authorities.
He has been selected as finance chief in the council of Virginia Raggi in Rome. He resigned on the 31st of August 2016, together with other four senior city officials.[29]
On 31 January 2020, Marcello Minenna was appointed director of the Italian Customs and Monopolies Agency.[30] On 13 January 2023 he was the only director of a fiscal agency not confirmed by the Government which replaced him with Roberto Alesse.[31]
Minenna is a columnist for both Italian (Il Sole 24 Ore,[32] Corriere della sera, La Repubblica) and international (The Wall Street Journal, Financial Times) newspapers.
Selected publications[edit]
- The Incomplete Currency. Wiley, 2016. ISBN 978-1-119-01912-1 Search this book on
.. - La moneta incompiuta. Ediesse, 2013. ISBN 978-8823017641 Search this book on ..
- A Quantitative Framework to Assess the Risk-Return Profile of Non-Equity Products. Risk Books, 2011. ISBN 978-1-906348-59-5 Search this book on ..
- A Guide to Quantitative Finance. Risk Books, 2006. ISBN 978-1-904339-47-2 Search this book on ..
- M. Minenna. Insider Trading, Abnormal Return, value of preferential information: Supervising through a Probabilistic Model. Journal of Banking and Finance 27, no. 1 (2003), 59-86.
- M. Minenna. Anamnesi dell'euro e possibili cure. Giurimetria-Rivista di diritto, banca e finanza, no. 1 (2015), 4-48.
- M. Minenna. Indagine conoscitiva sugli strumenti finanziari derivati. Giurimetria-Rivista di diritto, banca e finanza, no. 2 (2015), 109-126.
References[edit]
- ↑ "London Graduate School in Mathematical Finance". Retrieved 13 February 2023.
- ↑ "Sapienza university of Rome". Retrieved 14 March 2023.
- ↑ "Università Telematica San Raffaele". Retrieved 14 March 2023.
- ↑ "Direttore dell'Agenzia" [Agency's Director] (in Italian). Retrieved February 16, 2020.CS1 maint: Unrecognized language (link)
- ↑ "Decreto di Nomina ad Assessore" [Assessor's Instrument of Appointment] (PDF) (in Italian). Retrieved February 16, 2020.CS1 maint: Unrecognized language (link)
- ↑ "Bocconi University". Retrieved 13 February 2023.
- ↑ 7.0 7.1 7.2 "Curriculum Vitae". Retrieved 13 February 2023.
- ↑ "Appointed Professors". Retrieved 13 February 2023.
- ↑ "Senior Lecturers List". Retrieved 13 February 2023.
- ↑ "Senior Lecturers List". Retrieved 13 February 2023.
- ↑ "Personal website". Retrieved 13 February 2023.
- ↑ "Inside insider trading". Risk magazine. March 2002. Archived from the original on 2018-12-14. Retrieved 2015-10-15. Unknown parameter
|url-status=ignored (help) - ↑ "Detecting market abuse". Risk magazine. October 2004. Archived from the original on 2016-03-06. Retrieved 2015-10-15. Unknown parameter
|url-status=ignored (help) - ↑ "Performance anxiety". Risk magazine. March 2011. Archived from the original on 2019-01-12. Retrieved 2015-10-15. Unknown parameter
|url-status=ignored (help) - ↑ "Response to the Consultation by Commission Services on legislative steps for the Packaged Retail Investment Products initiative" (PDF).
- ↑ "Opposition grows to Prips risk indicator proposal". Risk magazine. March 2011.
- ↑ "Movement for Risk Transparency".
- ↑ "Regulation of Retail Structured Products" (PDF).
- ↑ "Enter the quant enforcer". Risk magazine. June 2003.
- ↑ "Enter the quant regulator". Risk magazine. May 2011.
- ↑ Minenna, Marcello; Reviglio, Edoardo (August 14, 2015). "ECB policy change as part of political union". Official Monetary and Financial Institutions Forum.
- ↑ "Presentazione Libro "La Moneta Incompiuta" di Marcello Minenna al CNEL" – via www.youtube.com.
- ↑ "Presentazione Libro "La Moneta Incompiuta" di Marcello Minenna a RaiNews24" – via www.youtube.com.
- ↑ "Curing the Eurozone". Risk magazine. November 2013.
- ↑ Buono, Michele (November 20, 2013). "La valuta ombra" [Shadow Currency]. Corriere della Sera (in Italian).CS1 maint: Unrecognized language (link)
- ↑ "Report 4 novembre 2013 - Estratti da "La Moneta Incompiuta" di Marcello Minenna" – via www.youtube.com.
- ↑ "The ECB should bring back zero bond spread". WSJ Pro Central Banking. August 17, 2015.
- ↑ Minenna, Marcello; Rorris, Adam (July 2, 2015). "Greece in crisis". Between the Line (Interview). Interviewed by Tom Switzer. ABC Radio National.
- ↑ Sanderson, Rachel (September 1, 2016). "Rome resignations deal blow to Five Star's national ambitions". Financial Times.
- ↑ "Appointment Decree". Retrieved 13 February 2023.
- ↑ "Il governo nomina i vertici delle Agenzie fiscali: cade Minenna, confermati Ruffini e Dal Verme". Retrieved 14 January 2023.
- ↑ "Articoli di Marcello Minenna sul Sole 24 ore". Retrieved 13 February 2023.
External links[edit]
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