Borsa Italiana S.p.A.

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Borsa Italiana
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Founded 1997
Headquarters Milan, Italy
Key People Angelo Tantazzi, Chairman; Baroness (Janet) Cohen, Vice Chairman; Massimo Capuano, President and CEO
Products Equity and Derivative Instruments
Website http://www.borsaitaliana.it/homepage/homepage.en.htm

Borsa Italiana S.p.A. is an exchange covering a number of markets: the Italian equities markets, (MTA/MTAX and Expandi Market); Italian derivatives market (IDEM); securitized derivatives market (SeDeX); electronic fixed income market (MOT); electronic ETFs and ETCs market (ETFplus); and the Electronic Market (MTF) where closed-end funds are traded. Borsa Italiana also operates an after-hours market, where financial instruments trade from 18.00 to 20.30, after the close of the daily market. Since 2007, Borsa Italiana has been a part of the London Stock Exchange Group plc.

In March of 2013, Borsa Italiana launched ExtraMOT PRO, a new market to trade debt instruments issued by Italian companies.[1] The platform is open to institutional investors as a means to trade corporate bonds, letters of credit and project bonds,[2] and is designed as an alternative for professional investors to avoid certain cumbersome disclosure requirements that were put into the regulated market after the Italian debt crisis in 2012.

Background

On July 24, 2006, amendments to the Market Rules and accompanying Instructions were implemented, and MTA International was launched, a new segment within Borsa Italiana’s MTA regulated equity market. MTA International is dedicated to the trading of shares of foreign issuers already listed in other EU regulated markets.

In June 2007, after considering competing offers from the London Stock Exchange Group (LSE) and NYSE Euronext, Borsa Italiana opted for the LSE offer of 1.6 billion euros ($2.15 billion, with the added provision that each shareholder of the Italian exchange would receive 4.9 shares of the London Stock Exchange. [3] The LSE's acquisition of Borsa Italiana was completed in October 2007.[4]

In July 2008, Borsa Italiana announced that its derivatives subsidiary IDEX would offer cash-settled power derivatives starting in October 2008.[5]

In April 2010, the company announced that electronic trading platform provider Cinnober would upgrade Borsa Italiana's DDM Plus market-data systems. The upgrade was needed after the LSE chose the new SOLA electronic trading platform for the Borsa Italiana-operated Italian Derivatives Market (IDEM). [6] DDM Plus is part of Cinnober's TRADExpress electronic securities-trading platform and disseminates information on share, derivatives, fixed income and certificates markets, plus their indices.

Organization

Borsa Italiana organizes and manages the Italian stock market with the participation of nearly 130 domestic and international brokers who operate in Italy or from abroad through remote memberships, using a completely electronic trading system for the real-time execution of trades. Borsa Italiana also performs organizational, commercial and promotional activities aimed at developing high value-added services for the financial community.

Shareholders of Borsa Italiana S.p.A. are issuing companies as well as domestic and international intermediaries including the most important Italian banks. Its current privatized structure configures Borsa Italiana as a market management body endowed with operational autonomy and flexibility.

Borsa Italiana Group comprises five companies:

  • BIt Systems S.p.A. is responsible for the management, maintenance and development of the Group's information systems. It also provides Project Management and Systems Integration services to private and public operators, financial institutions and to the exchange industry, for the development and management of applications.
  • Piazza Affari Gestione & Servizi S.p.A. (PAGS), established in 2000 and entirely controlled by Borsa Italiana, provides facility and property management for Palazzo Mezzanotte and its Congress & Training Centre.
  • Cassa di Compensazione e Garanzia S.p.A. (CC&G), established in 1992 and of which Borsa Italiana acquired a controlling share in 2000, ensures market integrity by intervening as central counterparty, becoming the guarantor of the final settlement of the contracts.
  • Monte Titoli is the Italian central securities depository and settlement company. Monte Titoli's custody, administration and settlement services are highly automated and available through different communication channels.
  • Servizio Titoli provides listed companies with software, outsourcing services and advisory for all operational phases of the corporate secretary; Servizio Titoli has more than 130 customers and around 5 million managed shareholders.

References

  1. Borsa Italiana launches new market for corporate debt. CNBC.
  2. Milan Bourse Launches New Bond Trading Platform, Cerved to Debut. Wall Street Journal.
  3. "Borsa Italiana reportedly backs LSE offer". MarketWatch.
  4. [http:http://www.londonstockexchange ir.com/lse/news/releases/2007/2007-10-01a/ Press Release]. London Stock Exchange.
  5. Borsa Italiana to launch power derivatives. Energy Risk.
  6. Cinnober to upgrade Borsa Italiana's market data dissemination solution. Cinnober.

External links