Italian Bourse

The Italian Bourse (Borsa Italiana S.p.A.), based in Milan, is Italy's stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.[3]

Italian Bourse
TypeStock exchange
LocationMilan, Italy
Founded1808 (1808)
Owner
Key peopleAndrea Sironi (Chairman)
Raffaele Jerusalmi (CEO)
CurrencyEUR
No. of listings353
Market capEUR[2] (2017) € billion 2,370.00 ($ billion 2,960.00)
VolumeUS$738 billion
IndicesFTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia
WebsiteOfficial website

Following exchange privatisation in 1997, the Italian Bourse was established and became effective since 2 January 1998.[4] On June 23, 2007, the Italian Bourse became a subsidiary of the London Stock Exchange Group.[5] This changed on October 9, 2020, when a €4.3 billion deal was agreed between the London Stock Exchange Group and pan-European stock exchange group Euronext[6]. Euronext's acquisition of the Italian Bourse is expected to be completed in the first half of 2021.

Borsa Italiana is also informally known as Piazza Affari ("Business Square"), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located.

Borsa Italiana is chaired by Andrea Sironi, and Raffaele Jerusalmi is the CEO. They are both directors of the London Stock Exchange Group.[7]

Borsa Italiana is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), an agency of the Ministry of Economy and Finance, based in Rome. In 2015, overall capitalisation for listed company on Borsa Italiana was worth €567.2 billion, representing 34.8% of Italian GDP.[8]

History
Bourse palace in Venice, decorated with the caduceus coat of arms, representing commerce

The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[9] It operated under public ownership until 1998, when it was privatized.[10] In 1997, all the Italian stocks were merged. Before this year, other smaller stocks exchanges based in Naples, Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, and Palermo. In 1991, the electronic exchanges were approved, and in 1994, the market with grida (A,B,C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.[11]

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,[12] thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.[13]

On 18 September 2020, the London Stock Exchange Group entered into exclusive talks to sell the Italian Bourse to Euronext.[14]

Operations

Borsa Italiana acts as a market management firm operating with autonomy and flexibility. It organises and manages the domestic stock market along with Italian and international brokers through fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.[15]

Trading hours

The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:30pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[16]

Markets

Major trading markets for Borsa Italiana are:

  • MTA, the leading equity market, which is devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, and MTA International, on which shares from non-Italian issuers already listed on other European markets are traded;[17]
  • AIM Italia, which collects stocks by small and medium high-growth companies;[18]
  • MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;[19]

Borsa Italiana also include markets for derivatives (IDEM),[20] ETF (ETFPlus) and bonds (MOT).[21]

Indices
Further information: FTSE MIB

Borsa Italiana's main indices are:[22]

  • FTSE Italia All Share
  • FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009[23]
  • FTSE Italia Mid Cap
  • FTSE Italia Small Cap
  • FTSE AIM Italia
  • AIM Italia Investable

Listed companies

For a full list see Category:Companies listed on the Borsa Italiana.

See also

References

Notes

  1. ansa.it, ""
  2. "Borsa in tempo reale - Listino completo - Milanofinanza.it". www.milanofinanza.it. Retrieved 4 April 2018.
  3. italy24.ilsole4ore.com, "Borsa Italiana"
  4. source sense.com, "Borsa Italiana"
  5. news.bbc.co.uk, "London Stock Exchange Buys Borsa"
  6. "Lse vende Borsa Italiana ad Euronext per 4,32 miliardi". Il Sole 24 ORE (in Italian). Retrieved 2020-10-26.
  7. lseg.com, "Board"
  8. borsaitaliana.it, "2015 Highlights"
  9. http://www.historytour.it, "History Tour – Borsa Italiana Archived 2012-03-05 at the Wayback Machine"
  10. "Historical Stages". Borsa Italiana.
  11. "24 dicembre 1802: viene istituita la Borsa Valori di Roma -". parmadaily.it. 24 December 2016. Retrieved 4 April 2018.
  12. "I Principali Indici di Borsa Italiana dopo la fusione con la Borsa di Londra". toptrading.org. 21 January 2020.
  13. competitionpolicyinternational.com, "EU: LSE and Deutsche Börse officially announce merger"
  14. businessinsider.com/lse-engages-euronext-in-exclusive-borsa-italiana-talks-2020-9?r=US&IR=T
  15. borsaitaliana.it, "EU: LSE and Deutsche Börse officially announce merger"
  16. Market Hours, Italian Stock Exchange via Wikinvest
  17. lseg.com, "MTA "
  18. lseg.com, "AIM Italia"
  19. lseg.com, "MIV: Trading "
  20. lseg.com, 'IDEM Equity "
  21. lseg.com, "MOT "
  22. borsaitaliana.it, "Gli indici"
  23. strategystocks.co.uk, "Milan Stock Exchange: The Italian Index "
  • Affari
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