Italian securities depository Monte Titoli has hit back at implications that it is being difficult and hindering new upstarts that are trying to enter the Italian market.

Turquoise CEO Edi Lederman said in a note to members that the Italian securities depository "will not allocate resources" to cooperate with its own clearing provider Euro CCP.

Lederman said this "creates a barrier to the market" because under Italian regulations Monte Titoli is the only facility where securities can settle for a central counterparty.

According to press reports, the Italian firm - which is part of the London Stock Exchange Group - has stated that accusations made by Turquoise are "inaccurate" and a "misinterpretation of information".

But it transpires that Turquoise isn't the only MTF having problems in Italy.

Chi-X CEO Peter Randall told Financial Times reporters that Chi-X's plans to offer trading in Italian equities have had to be delayed for the same reason.

Furthermore Italy isn't the only place where new ATSs are facing difficulties entering the market. Despite the introduction of MiFID last year, platforms such as Turquoise and Chi-X are having problems entering the Spanish market too.