SMFSC Proposes New Rules to Develop San Marino Wholesale Markets

Council Introduces Framework to Strengthen Institutional Market Infrastructure

The San Marino Financial Standard Council (SMFSC) has unveiled a comprehensive set of rules and strategic proposals aimed at developing and strengthening San Marino’s wholesale financial markets, marking a key milestone in the nation’s journey toward becoming a more dynamic and globally connected financial center.

This initiative seeks to establish clear, transparent, and investor-friendly standards that will enable institutional participants—such as banks, asset managers, and investment firms—to operate with confidence and efficiency while supporting the broader economy.

Laying the Foundations for a Modern Wholesale Market

The wholesale financial market refers to large-scale transactions between institutional investors, including interbank trading, corporate debt issuance, and derivatives operations.
SMFSC’s new framework focuses on creating the regulatory clarity and operational stability needed to attract both domestic and international institutions.

Key objectives include:

• Establishing transparent trading and settlement mechanisms for large-value transactions.
  
• Introducing minimum conduct and disclosure standards for wholesale market participants.
  
• Enhancing market surveillance and anti-manipulation safeguards.
  
• Encouraging cross-border cooperation to facilitate liquidity and integration with European financial systems.
  

An SMFSC spokesperson emphasized that the proposals represent a “measured and sustainable approach to building trust and depth in San Marino’s institutional markets.”

Encouraging Innovation and Institutional Confidence

SMFSC’s proposals also aim to modernize market operations by embracing fintech innovation and digital infrastructure.
The council plans to introduce digital reporting frameworks and automated compliance mechanisms to improve efficiency, reduce risk, and enhance transparency.

By promoting responsible technological adoption, SMFSC hopes to position San Marino as a competitive and ethical marketplace for institutional investors—one that combines agility with regulatory integrity.

“Our goal is to develop a wholesale market environment that rewards transparency, promotes liquidity, and aligns with global best practices,” the council stated.

Supporting Economic Growth Through Market Development

The initiative is part of SMFSC’s broader mission to support business expansion and long-term capital formation in San Marino.
A more robust wholesale market can provide corporations with better access to financing, facilitate risk management through derivatives and structured products, and create new opportunities for financial professionals within the region.

SMFSC believes that sustainable market growth depends on the balance between innovation, stability, and ethical conduct—a principle central to its self-regulatory philosophy.

Collaboration and Next Steps

To ensure the success of this initiative, SMFSC is launching a consultation phase with market participants, including banks, investment firms, and international regulatory counterparts.
Feedback will inform the council’s next set of technical guidelines and implementation policies, expected to be published later this year.

The council has also pledged to coordinate with European and global standard-setting bodies to align San Marino’s wholesale market regulations with internationally recognized frameworks, ensuring interoperability and investor confidence.

A Vision for a Transparent and Competitive Financial Future

Through these proposals, SMFSC reaffirms its role as a catalyst for responsible financial evolution.
By fostering a transparent, well-regulated wholesale market, the council aims to drive investment, enhance competitiveness, and secure San Marino’s reputation as a principled and forward-thinking participant in the global financial community.

“We are building more than just a market,” an SMFSC representative concluded.
“We are building a foundation for long-term trust, opportunity, and economic growth.”