Borsa Italiana SpA (London Stock Exchange Group)

www.borsaitalia.it
Tel : 39 02 72426 1
Fax : 39 02 7200 4333

Representatives

International Relations Director : Mrs. Antonella Amadei

 

Types of Securities Traded Name of Trading Systems (cash and derivatives) Trading Hours
Equity instruments :
Shares (ordinary, preferred and savings shares) MTA Blue Chips
8:00 - 9:10 (Opening Auction)
9:10 - 17:25 (continuous trading)
17:25 - 17:40 (Closing Auction)
18:00 - 20:30 (After Hours)
Warrants   STAR
8:00 - 9:10 (Opening Auction)
9:10 - 17:25 (continuous trading)
17:25 - 17:40 (Closing Auction)
Pre-emptive rights   Ordinary segment, class 1
8:00 - 11:00 (Opening Auction)
11:00 - 16:25 (continuous trading)
16:25 - 16:40 (Closing Auction)
Convertible Bonds   Ordinary segment, class 2
8:00 - 11:00 (Opening Auction)
11:00 - 16:40 (Closing Auction)
  Nuovo Mercato (the same trading platform of MTA) NM
8:00 - 9:10 (Opening Auction)
9:10 - 17:25 (continuous trading)
17:25 - 17:40 (Closing Auction)
18:00 - 20:30 (After Hours)
  Mercato Expandi (the same trading platform of MTA) Expandi, class 1
8:00 - 11:00 (Opening Auction)
11:00 - 16:25 (continuous trading)
16:25 - 16:40 (Closing Auction)
    Expandi, class 2
8:00 - 11:00 (Opening Auction)
11:00 - 16:40 (Closing Auction)
Collective Investment Undertakings (CIUs) MTF (the same trading platform of MTA) Closed - end funds
8:00 - 11:00 (Opening Auction)
11:00 - 16:40 (Closing Auction)
   

Index CIUs (ETFs)
9:10 - 17:25 (Continous trading)

Secutised derivatives :
(e.g. covered warrants and certificates)

SeDeX

9:10 - 17:25 (continuous trading)
18:00 - 20:30 (After Hours)

Fixed income:
Government Bonds

MOT (the same trading platform of MTA) BOT, BTP, CTZ, CCT, BTPi
8:00 - 9:40 (Opening Auction)
9:40 - 17:30 (continuous trading)
Non-government bonds MOT (the same trading platform of MTA) Denominated in lire or euro :
8:00 - 10:10 (Opening Auction)
10:10 - 17:30 (continuous trading)
    Denominated in other currencies
8:00 -15:45 (Opening Auction)
15:45 - 17:30 (continuous trading)
Eurobonds EuroMOT 9:00 - 17:30 (continuous trading)
Asset Backed Securities EuroMOT 9:00 - 17:30 (continuous trading)
Foreign bonds EuroMOT 9:00 - 17:30 (continuous trading)
Equity derivatives: IDEM (trading platform: OM Click) 9:00 - 17:40 (continuous trading)
S & P / MIB Futures    
Mini S & P / MIB Futures    
Stock Futures    
S & P / MIB Option    
Stock Options    

 

Supervisory Body

CONSOB

Name of Clearing & Settlement Organization

Cassa di Compensazione e Garanzia (CC&G); Monte Titoli

Settlement Cycle

T + 3
T + 3 (only for BOT : T + 2)

Name of Central Securities Depository

Monte Titoli
Monte Titoli and ICSDs (Euroclear, Clearnet)

Commissions on Transactions levied by Exchange

Taxes on Dividends, Interestsn apital gains - Capital gains accrued byprivate domestic investors from non substantial holdings (< 2 %) are subject to a definitive witholding tax of 12.5 %.

Foreign investors are exempt from capital gain taxation both on cash and derivatives instruments.

Dividends - Private domestic investors are subject to definitive 12.5 % witholding tax. For dividends linked to a substantial holdings the taxpayer will pay ordinary personal taxation on 40 %of dividends (without tax credit). Companies are subject to ordinary taxation on 5 % of dividends (without tax credit).

Foreign investors are subject to a definitive 27 % whitholding tax. The tax rate is limited to 12.5 % for dividends on saving shares.

Interest rates - Domestic investors are subject to a witholding tax of 12.5 % (raised to 27 % for interests on private bonds with expiry shorter than 18 months). Foreign investors : exempt for OECD countries.

2007 Share ownership thresholds (%)

2%

Short selling (Yes / No)

Short selling conditions (if any)

There is no legal definition of short selling operations. Market participants willing to sell securities they don't own use securities
lending arrangements concluded on a bilateral basis and not subject to disclosure.

This page was last updated on: 11/27/2012 - 10:46