Mr Calzolari graduated from the University of Bologna and received a Master degree in Economics at the Catholic University of Louvain (Belgium) in 1978. After work experience at the IMF in Washington, he moved back to Milan where he started working in various areas of the financial industry, focusing in particular on security markets. Mr Calzolari was the CEO of Caboto Sim, the equity trading arm of Intesa Group, until 2001. Then he was appointed as a Managing Director of the Italian subsidiary of Banco Santander and, in 2004, of Centrosim, an equity broker belonging to Italian Banche Popolari. He is currently (independent) Chairman of the Board of Igea Banca, an Italian bank specialized in lending and factoring to the health care industry, as well as an independent director of Alfasigma, a pharmaceutical group.
In addition to his business activity, during his career, he has worked for some leading institutions and market organizations trying to contribute to the restructuring and development of Italian financial markets. For many years he has been the Chairman of Assosim, the association of Italian financial intermediaries. He is also a member of the board of Fondo Nazionale di Garanzia. Previously he used to be a Director of Borsa Italiana and CED-Borsa. He also worked in the Committee for the Development of Italian Piazza Finanziaria, established by the Italian Treasury, and in the MIFID Practitioners Working Group at CESR (now ESMA).