Securities trading - Italy
Key market-tradable securities
| Denomination currency | Maturity profile | Interest rate | Interest/Dividend payment frequency | Place of settlement | Form |
| Government bonds: | |||||
| BOT - Buoni Ordinari del Tesoro | |||||
| EUR | 3, 6, and 12 months | Not applicable (zero coupon) | - | Monte Titoli S.p.A. | Dematerialised, bearer |
| BTP - Buoni del Tesoro Poliennali | |||||
| EUR | 3, 5, 7, 10 or 30 years | Fixed | Semi-annual | Monte Titoli S.p.A. | Dematerialised, bearer |
| BTP - Coupon Stripping | |||||
| EUR | 6 months | Fixed | - | Monte Titoli S.p.A. | Dematerialised, bearer |
| BTP - Principal Stripping | |||||
| EUR | 3, 5, 7, 10 or 30 years | Fixed | - | Monte Titoli S.p.A. | Dematerialised, bearer |
| CCT - Certificati di credito del Tesoro | |||||
| EUR | 5 to 10 years | Floating linked to 6 or 12 months BOT yields | Semi-annual, annual | Monte Titoli S.p.A. | Dematerialised, bearer |
| CTE - Certificati del Tesoro | |||||
| EUR | 3 to 8 years | Fixed | Annual | Monte Titoli S.p.A. | Dematerialised, bearer |
| CTO - Certificati del Tesoro con Opzione | |||||
| EUR | 6 or 8 years | Fixed | Semi-annual | Monte Titoli S.p.A. | Dematerialised, bearer |
| CTZ - Certificati delTesoro zero coupon | |||||
| EUR | more than 12 months | Not applicable (zero coupon) | - | Monte Titoli S.p.A. | Dematerialised, bearer |
| Cassa Depositi e Prestiti | |||||
| EUR | 5 years | Floating | Semi-annual | Monte Titoli S.p.A. | Dematerialised, bearer |
| Corporate bonds | |||||
| EUR | 5 to 7 years | - | - | Monte Titoli S.p.A. | Dematerialised, bearer |
| Listed equities: | |||||
| Ordinary, Preferred | |||||
| EUR | - | - | - | Monte Titoli S.p.A. | Dematerialised, registered |
| Savings | |||||
| EUR | - | - | - | Monte Titoli S.p.A. | Dematerialised, bearer |
| Warrants | |||||
| EUR | - | - | - | Monte Titoli S.p.A. | Dematerialised, bearer |
Trading platforms
The Italian regulated market is organised as follows:
- Borsa Italiana - equities, derivatives and retail fixed income products;
- MTS - wholesale fixed income products;
- EUROTLX (http://www.eurotlx.com/) - covered warrants, certificates and other debt instruments.
Note: CC&G acts as CCP for electronic securities trading on the Borsa Italiana (as defined below). For MTS, the use of a CCP is optional and trading parties can choose LCH.Clearnet or CC&G.
Equities & derivatives
Borsa Italiana’s equity markets include the following:
- Mercato Telematico Azionario (MTA): the Borsa market on which shares, convertible bonds, warrants and option rights are traded.
MTA is divided into Blue Chip, Star and Ordinary Segments. The electronic system used for the MTA (“Affari” platform) is order driven. - Borsa Italiana Global Equity Market (BIT GEM ): The segment within Borsa Italiana Equity MTF market dedicated to the trading of shares of non Italian issuers already listed on other EU regulated markets.
- AIM Italia: Borsa Italiana's market specifically created to enable small and medium-sized Italian enterprises that wish to invest in their growth and have a high growth potential to access capital markets. The market is characterised by its balanced regulatory approach, high visibility at an international level and a flexible admission process, custom built for the financing needs of Italian SMEs in a competitive global environment.
- Market for Investment Vehicles (MIV): the market segment created exclusively for investment vehicles. MIV is open for both retail and institutional investors and able to accommodate many types of vehicles: investment companies and real estate investment companies; private equity funds; closed-end real estate funds; Special Purpose Acquisition Companies (SPACs); specialised funds; multi-strategy funds and funds of funds.
- SeDex: this market segment is dedicated to trading of securitised derivatives, including warrants and contract certificates.
- Italian Derivatives Market (IDEM): the products listed on IDEM include futures, minifutures and options. The IDEM market has a dedicated segment for derivatives on energy products (IDEX)
- ETF plus: this is the Borsa Italiana regulated market where it is possible to trade on ETFs, ETCs and Structured ETFs.
Debt securities
Mercato Telematico delle Obligazioni e Titoli di Stato (MOT) is the electronic market where Italian government securities and non-convertible bonds are traded. The EUROMOT is the electronic market where eurobonds, foreign bonds and Asset Backed Securities (ABS) are traded.