Structure
Borsa Italiana organises and manages the Italian stock market with the participation of nearly 130 domestic and international brokers that operate in Italy or from abroad through remote membership, using a completely electronic trading system for the real-time execution of trades. In addition, it performs organisational, commercial and promotional activities aimed at developing high value-added services for the financial community.
The stock market is divided into five parts: 1) The electronic share market (MTA) trades Italian shares, convertible bonds, and warrants; the covered-warrant market is an electronic share market. 2) The STAR (Segment for High Requirement Shares) market is within the MTA and includes companies capitalised from 40 million to 100 million euros that are already listed and traded in more-traditional sectors. 3) Nuovo Mercato is dedicated to innovation-driven companies. 4) Stocks, bonds, warrants, and options not admitted to the official exchange are traded on Mercato Ristretto. 5) Premi Market is for premium contracts on stock exchange products. The after-hours market enables trading of financial instruments after the daytime session closes.
A principle of the exchange has been the separation of regulation and management, allowing the exchange to be entrepreneurial while maintaining confidence in the market through the external regulators CONSOB and the Banca d'Italia.
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