Italian Bourse

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Italian Bourse
Borsa Italiana logo.svg
Palazzo mezzanotte Milan Stock Exchange.jpg
TypeStock exchange
LocationMilan, Italy
Founded1808; 212 years ago (1808)
OwnerEuronext[1]
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

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]

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[edit]

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 of 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]


The following timeline outlines the consolidation through mergers and acquisitions among bourses in the European Union, which has taken place since the 1990s in response to financial harmonisation and liberalisation. Current, independent (parent) exchange companies are shown in colour.

    United States Intercontinental Exchange, Inc.
  United States New York Stock Exchange, Inc. United States European Union NYSE Euronext, Inc.
    United Kingdom London Traded Options Market United Kingdom London International Financial Futures and Options Exchange European Union Euronext N.V.
      United Kingdom London International Financial Futures Exchange
    United Kingdom London Commercial Sale Rooms United Kingdom London Commodity Exchange  
Netherlands Amsterdam Exchanges N.V. (Amsterdam Stock Exchange)     European Union Euronext N.V.
    Belgium Bourse de Valeurs Mobilières de Bruxelles S.A. (Brussels Stock Exchange)
  France Société des Bourses Françaises S.A. (Paris Stock Exchange)
    Portugal Bolsa de Valores de Lisboa e Porto (Lisbon Stock Exchange)
          Republic of Ireland Irish Stock Exchange  
                Norway Oslo Stock Exchange Norway Oslo Børs Holding ASA Norway Oslo Børs VPS Holding ASA  
                                      Norway Verdipapirsentralen Norway Verdipapirsentralen ASA  
                                    Denmark VP Securities A/S  
                  Italy Borsa Italiana S.p.A. (Italian Bourse) United Kingdom London Stock Exchange Group plc  
    United Kingdom London Stock Exchange plc  
                                              Norway Statnett Marked AS   European Union Nord Pool Spot AS European Union Nord Pool AS  
                                              European Union Nord Pool ASA  
                                  United States Nasdaq, Inc.
                      Sweden Stockholm Stock Exchange Sweden OM AB European Union OM HEX AB European Union OMX AB
                          Finland Helsinki Stock Exchange Finland Helsinki Exchanges Group Plc
                                                Estonia Tallinn Stock Exchange  
                                              Latvia Riga Stock Exchange  
                                              Lithuania Vilnius Stock Exchange
  Denmark Copenhagen Stock Exchange  
                                          Iceland Iceland Stock Exchange  
                                                          Armenia Armenian Stock Exchange  
                                                Switzerland SIX Swiss Exchange AG
                      Spain Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (Spanish Bourses)  
                          Hungary Budapest Stock Exchange     Hungary Budapest Stock Exchange
          Austria Wiener Börse AG (Vienna Stock Exchange) European Union Central and Eastern Europe Stock Exchange Group AG Austria Vienna Stock Exchange
                                                Czech Republic Burza cenných papírů Praha, a.s. (Prague Stock Exchange)  
                                            Slovenia Ljubljana Stock Exchange      
                                              Croatia Zagreb Stock Exchange
Germany Frankfurter Wertpapierbörse AG (Frankfurt Stock Exchange)   Germany Deutsche Börse AG (German Bourse)
                                  Luxembourg Centrale de Livraison de Valeurs Mobilières Luxembourg Cedel International  
                                                              Germany European Energy Exchange  
                                                        Germany Switzerland Eurex Exchange  
                                                        Germany Switzerland STOXX
1585
1602
1625
1698
1724
1769
1771
1792
1799
1801
1808
1818
1831
1863
1864
1912
1954
1970
1971
1978
1979
1980
1985
1989
1991
1993
1995
1996
1998
2000
2001
2002
2003
2004
2005
2006
2007
2008
2010
2011
2012
2013
2014
2015
2016
2018
2019
2020
2021

Operations[edit]

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[edit]

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[edit]

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[edit]

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[edit]

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

See also[edit]

References[edit]

Notes

  1. ^ ansa.it, "[1]"
  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.[dead link]
  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[permanent dead link]"
  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 "

External links[edit]

  • Affari