Glossary entry (derived from question below)
Italian term or phrase:
titoli di massa
English translation:
publicly held securities
- The asker opted for community grading. The question was closed on 2020-08-28 05:55:25 based on peer agreement (or, if there were too few peer comments, asker preference.)
Aug 24, 2020 10:11
3 yrs ago
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Italian term
Italy
IT>EN translator, over 15 yrs experience
Native in: English
Works in: Italian to English
titoli di massa
Italian to English
Bus/Financial
Finance (general)
this appears in a list describing the typical characteristics of bonds (obbligazioni) in a guide that compares the difference between 'obbligazioni' and 'azioni' issued by a company. The phrase simply states that bonds are "titoli di massa" - I've found a number of Google hits for "mass securities" but I've never come across this term before so wanted to double check I'm not missing something.
Proposed translations
(English)
| 3 +1 | publicly held securities |
Mark Pleas
|
| 5 | securities |
Alison Kennedy
|
| 3 | hybrid security |
Adrian MM.
|
Proposed translations
+1
3 hrs
Mark Pleas
Japan
Japan
Native in English
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Japan
Japanese->English pro, 20 yrs experience
Native in: English (Variant: US) 
Works in: Japanese to English, Chinese to English, Italian to English, and 1 more.
Related KudoZ points
:
12
Selected
publicly held securities
Borsa Italiana, in its GLOSSARIO FINANZIARIO under the term GESTIONE ACCENTRATA (https://www.borsaitaliana.it/borsa/glossario/gestione-accent... defines the term in passing in this way:
"...La gestione accentrata dei titoli di massa (ossia degli strumenti finanziari diffusi presso un numero elevato di soggetti) nasce per risolvere le problematiche connesse alle modalità di circolazione e trasferimento degli stessi sostituendo il trasferimento di proprietà mednte [sic] vera e propria consegna del certificato con un mero giro contabile."
In addition, Treccani (http://www.treccani.it/enciclopedia/titoli-atipici_(Enciclop... classifies "titoli di massa" as a type of "titoli atipici", seems to imply that they are always marketed to the general public (i.e., private offerings would not qualify as "titoli di massa"), and states that they go beyond just stocks and bonds to include such items as commercial paper (cambiali finanziarie), investment certificates, (certificati d'investimento), and real estate certificates (certificati immobiliari).
I am unable to find any place in the Codice Civile where the term is defined, and it does not even seem to be mentioned in the Testo Unico Bancario (https://www.bancaditalia.it/compiti/vigilanza/intermediari/T... The TUIR (Testo Unico delle Imposte sui Redditi, https://www.altalex.com/documents/leggi/2014/07/17/tuir-tito... does not seem to define the term, but in art. 44 it seems to use "titoli di massa" as a sub-category of "certificati di massa".
"...La gestione accentrata dei titoli di massa (ossia degli strumenti finanziari diffusi presso un numero elevato di soggetti) nasce per risolvere le problematiche connesse alle modalità di circolazione e trasferimento degli stessi sostituendo il trasferimento di proprietà mednte [sic] vera e propria consegna del certificato con un mero giro contabile."
In addition, Treccani (http://www.treccani.it/enciclopedia/titoli-atipici_(Enciclop... classifies "titoli di massa" as a type of "titoli atipici", seems to imply that they are always marketed to the general public (i.e., private offerings would not qualify as "titoli di massa"), and states that they go beyond just stocks and bonds to include such items as commercial paper (cambiali finanziarie), investment certificates, (certificati d'investimento), and real estate certificates (certificati immobiliari).
I am unable to find any place in the Codice Civile where the term is defined, and it does not even seem to be mentioned in the Testo Unico Bancario (https://www.bancaditalia.it/compiti/vigilanza/intermediari/T... The TUIR (Testo Unico delle Imposte sui Redditi, https://www.altalex.com/documents/leggi/2014/07/17/tuir-tito... does not seem to define the term, but in art. 44 it seems to use "titoli di massa" as a sub-category of "certificati di massa".
Note from asker:
| thanks again for this Mark, I think this fits the context perfectly. |
Peer comment(s):
| agree |
philgoddard
: Good answer, and a good approximation.
1 hr
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|
Thanks, but it's only an approximation, since Wikipedia and some other sources do not limit "t.d.m." only to securities held by the general public. Depending on what Nicola is translating, Alison's translation might in fact be more appropriate.
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4 KudoZ points awarded for this answer.
Comment: "Thanks Mark this was really helpful and I think this is what I need in this context. As I mentioned, it's a general guide describing what bonds are - so the general answer of 'securities' would have been too vague. I also found another source to confirm y"
17 mins
Alison Kennedy
Italy
Italy
Native in English
Specializes in field
Italy
Responsive. Resourceful. Results.
Native in: English (Variant: US)
Works in: Italian to English, German to English
Related KudoZ points
:
334
securities
This is just an alternative to "valori mobiliari", i.e. securities which can then be debt/debenture securities (bonds) or equity securities (stocks/shares).
Note from asker:
| Thanks a lot Alison. In this case, I've gone with Mark's answer as it sheds more light on the 'di massa' concept. Thanks again for your time. |
1 hr
Adrian MM.
Austria
Austria
Native in English
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Austria
Retd.T&I, Barrister & Austro-Advokat
Native in: English (Variants: British, Scottish) 
Works in: Spanish to English, English to Spanish, French to English, and 5 more.
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:
77
Italian term (edited):
titolo di massa
hybrid security
privately issued to reflect Mark P's no-public prospectus scenario.
I don't recall this AmE term from my City of London law-firm days but certainly the cognate idea of hybrid finance.
I don't recall this AmE term from my City of London law-firm days but certainly the cognate idea of hybrid finance.
Example sentence:
i titoli di massa (o valori mobiliari / trade investment on a bal. sheet - titoli di capitale / shares of stock o titoli di debito / loan stock - debt warrant)
AmE ? Hybrid securities are a broad group of securities that combine the characteristics of the two broader groups of securities, debt and equity.
Note from asker:
| Thanks Adrian. I've actually gone for Mark's answer as I think it more accurately renders the 'di massa' concept in English. |
Discussion
"(57) Con l'espressione "titolo di massa" in dottrina venivano richiamate fattispecie esclusivamente cartolari che, contrapponendosi nelle tradizionali classificazioni dei titoli di credito ai titoli individuali, ricomprendevano quei "titoli creati in serie, in massa, in seguito a un'unica dichiarazione alla quale corrisponde una serie di titoli, che poi saranno emessi, allora individualmente, ciascuno a favore di un soggetto diverso in forza di un distinto negozio di emission" ... Più di recente i titoli di massa venivano inoltre definiti come quei "... titoli di credito, emessi in quantità notevole a causa di un'unica operazione collettiva di investimento, i quali presentano caratteristiche omogenee per ciascuna serie sicchè ...