Borsa Italiana

{{Infobox exchange

|name = Borsa Italiana

| logo = Logo_Borsa_Italiana_2021.svg

| image = 250px

| image_caption = The Palazzo Mezzanotte with Il Dito in front

| type = Stock exchange

| city = Milan

| country = Italy

| founded = {{Start date and age|1808}}

| owner = Euronextansa.it, "[https://www.ansa.it/english/news/business/2020/10/09/euronext-to-buy-italian-bourse-from-lse-for-4.325-bn_82d8bce3-e46f-4369-968e-6b0d9fa87f63.html]"

| key_people = Claudia Parzani (chairperson)
Fabrizio Testa (CEO)

| currency = EUR

| listings = 353

| mcap = €2.37 trillion ($2.96 trillion) (2017){{cite web|url=https://www.milanofinanza.it/quotazioni/ricerca/capitalizzazioni|title=Borsa in tempo reale – Listino completo – Milanofinanza.it|website=milanofinanza.it|access-date=4 April 2018|archive-date=11 July 2017|archive-url=https://web.archive.org/web/20170711131548/https://www.milanofinanza.it/quotazioni/ricerca/capitalizzazioni|url-status=dead}}

| volume = €609 billion

| indexes = FTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia

| homepage = {{URL|www.borsaitaliana.it}}

| footnotes =

}}

Borsa Italiana ({{Langx|En|Italian Stock Exchange}}) or Borsa di Milano ({{Langx|En|Milan Stock Exchange}}), based in Milan at Mezzanotte Palace, is the Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.italy24.ilsole4ore.com, "[http://www.italy24.ilsole24ore.com/art/lexicon/2015-01-23/borsa-italiana-173534.php?uuid=ABNEc5iC&order=oldest Borsa Italiana] {{Webarchive|url=https://web.archive.org/web/20170801082635/http://www.italy24.ilsole24ore.com/art/lexicon/2015-01-23/borsa-italiana-173534.php?uuid=ABNEc5iC&order=oldest |date=1 August 2017 }}"

Following exchange privatisation in 1997, the Italian Bourse was established and became effective on 2 January 1998.source sense.com, "[https://www.sourcesense.com/en/portfolio/borsa-italiana/ Borsa Italiana]" On 23 June 2007, the Italian Bourse became a subsidiary of the London Stock Exchange Group.news.bbc.co.uk, "[http://news.bbc.co.uk/2/hi/business/6233196.stm London Stock Exchange Buys Borsa]" This changed on 9 October 2020, when a €4.3 billion deal was agreed between the London Stock Exchange Group and pan-European stock exchange group Euronext.{{Cite web|title=Lse vende Borsa Italiana ad Euronext per 4,32 miliardi|url=https://www.ilsole24ore.com/art/piazza-aaffari-passa-mano-lse-vende-borsa-italiana-ad-euronext-432-miliardi-AD9Qdeu|access-date=2020-10-26|website=Il Sole 24 ORE|date=9 October 2020 |language=it}} Euronext's acquisition of the Italian Bourse was completed on 29 April 2021. It is expected Italian Bourse will be rebranded as Euronext Milan in due course.{{Cite web |date=22 October 2021 |title=Amendments to the Instructions to the Regulations of CC&G and related Annex – Rebranding of MTA and MIV markets |url=https://www.euronext.com/sites/default/files/notices/ccg/Market_Notice_MTA_MIV_Rebranding_ENG.pdf |website=Euronext}}

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

Borsa Italiana is chaired by Claudia Parzani, and Fabrizio Testa is the CEO.{{Cite web |title=Organi Sociali e Libro Soci - Borsa Italiana |url=https://www.borsaitaliana.it/borsaitaliana/chi-siamo/organi-sociali/corporate-officers.htm |access-date=2022-03-02 |website=borsaitaliana.it}}

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. As of April 2018, overall capitalisation for listed companies on Borsa Italiana was worth €644.3 billion, representing 37.8% of Italian GDP.finanzalternativa.it, "[http://www.finanzalternativa.it/2017-12-29-bilancio-2017-di-borsa-italiana-il-ftse-mib-cresce-del-155-anno-record-per-le-ammissioni-39-la-capitalizzazione-vola-a-6443-miliardi-227/]"

History

File:Borsa Italiana - Venice 2016.jpg 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.http://www.historytour.it {{Webarchive|url=https://web.archive.org/web/20091231120727/http://www.historytour.it/ |date=31 December 2009 }}, "[http://www.historytour.it/default.php?idp=s&ids=11&iddoc=172&tipodoc=articolo History Tour – Borsa Italiana] {{Webarchive|url=https://web.archive.org/web/20120305135846/http://www.historytour.it/default.php?idp=s&ids=11&iddoc=172&tipodoc=articolo |date=2012-03-05 }}" It overtook the historically poorly regulated Borsa di Genova, later becoming the Italy's main stock exchange after the Panic of 1907.

It operated under public ownership until 1998, when it was privatized.{{cite web | url=http://www.borsaitaliana.it/headerservices/bicentenario/tappestoriche.en.htm | title=Historical Stages | publisher=Borsa Italiana }}{{Dead link|date=April 2010}}

In 1997, all the Italian stocks were merged. Before that year, other smaller stocks exchanges were 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 grids (A, B, C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.{{cite web|url=http://www.parmadaily.it/293111/24-dicembre-1802-viene-istituita-la-borsa-valori-di-roma/|title=24 dicembre 1802: viene istituita la Borsa Valori di Roma -|date=24 December 2016|website=parmadaily.it|access-date=4 April 2018}}

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,{{cite web|url=https://toptrading.org/indici/indici-borsa-italiani/|title=I Principali Indici di Borsa Italiana dopo la fusione con la Borsa di Londra|date=21 January 2020|website=toptrading.org}} 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.competitionpolicyinternational.com, "[https://www.competitionpolicyinternational.com/eu-lse-and-deutsche-borse-officially-announce-merger/ EU: LSE and Deutsche Börse officially announce merger]"

On 18 September 2020, the London Stock Exchange Group entered into exclusive talks to sell the Italian Bourse to Euronext.businessinsider.com/lse-engages-euronext-in-exclusive-borsa-italiana-talks-2020-9?r=US&IR=T On 29 April 2021, following the entry of CDP Equity and Intesa San Paolo (Italian institutional investors) as shareholders of Euronext, the European group assumed control of the company.{{Cite web |title=Euronext: chiuso acquisto Borsa Italiana, valore finale 4,444 mld euro (RCO) |url=https://www.ilsole24ore.com/radiocor/nRC_29.04.2021_08.47_19210192 |access-date=2023-01-19 |website=Il Sole 24 ORE |language=it}} Its weight on the total Italian economy is growing: the overall capitalization of listed companies in December 2021 stood at 757 billion (equal to 43.1% of GDP), up by 24.7% compared to 2020.{{Cite web |last=Paronetto |first=Paolo |date=2021-12-30 |title=Piazza Affari, +24,7% la capitalizzazione 2021 a 757 miliardi, Ipo da record |url=https://www.ilsole24ore.com/art/nel-2021-piazza-affari-capitalizzazione-247percento-757-miliardi-ipo-record-AE6FXX5 |access-date=2023-01-19 |website=Il Sole 24 ORE |language=it}}

Operations

File:IMG 4468 - Milano - La Borsa - Dettaglio - Foto di Giovanni Dall'Orto - 20 jan 2007.jpg in Milan, headquarters of the Borsa Italiana]]

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 a fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.borsaitaliana.it, "[https://web.archive.org/web/20130314053344/http://www.borsaitaliana.it/borsaitaliana/chi-siamo/chi-siamo.en.htm EU: LSE and Deutsche Börse officially announce merger]"

Trading hours

The exchange has pre-market sessions from 8 AM to 9 AM, normal trading sessions from 9 am to 5:30 PM and post-market sessions from 6 PM to 8:30 PM on all days of the week except Saturdays, Sundays, and holidays declared by the Exchange in advance.Market Hours, Italian Stock Exchange via Wikinvest

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;lseg.com, "[http://www.lseg.com/areas-expertise/our-markets/borsa-italiana/equities-markets/trading/mta MTA ] {{Webarchive|url=https://web.archive.org/web/20190418022910/https://www.lseg.com/areas-expertise/our-markets/borsa-italiana/equities-markets/trading/mta |date=18 April 2019 }}"
AIM Italia, which collects stocks by small and medium high-growth companies;lseg.com, "[http://www.lseg.com/areas-expertise/our-markets/borsa-italiana/equities-markets/trading/aim-–-mercato-alternativo-del-capitale AIM Italia] {{Webarchive|url=https://web.archive.org/web/20210410143818/https://www.lseg.com/areas-expertise/our-markets/borsa-italiana/equities-markets/trading/aim-%E2%80%93-mercato-alternativo-del-capitale |date=10 April 2021 }}"
MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;lseg.com, "[http://www.lseg.com/areas-expertise/our-markets/borsa-italiana/equities-markets/trading/miv-trading MIV: Trading ] {{Webarchive|url=https://web.archive.org/web/20190418022908/https://www.lseg.com/areas-expertise/our-markets/borsa-italiana/equities-markets/trading/miv-trading |date=18 April 2019 }}"

Borsa Italiana also include markets for derivatives (IDEM),lseg.com, '[http://www.lseg.com/areas-expertise/our-markets/borsa-italiana/derivatives-markets/idem-equity IDEM Equity ] {{Webarchive|url=https://web.archive.org/web/20190418022907/https://www.lseg.com/areas-expertise/our-markets/borsa-italiana/derivatives-markets/idem-equity |date=18 April 2019 }}" ETF (ETFPlus) and bonds (MOT).lseg.com, "[http://www.lseg.com/areas-expertise/our-markets/borsa-italiana/fixed-income-markets/mot MOT ] {{Webarchive|url=https://web.archive.org/web/20190418022901/https://www.lseg.com/areas-expertise/our-markets/borsa-italiana/fixed-income-markets/mot |date=18 April 2019 }}"

Indices

Borsa Italiana's main indices are:borsaitaliana.it, "[http://www.borsaitaliana.it/borsa/azioni/tutti-gli-indici.html?lang=en Gli indici]"

FTSE Italia All Share
FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009strategystocks.co.uk, "[http://www.strategystocks.co.uk/milan-stock-exchange-italian-index.html Milan Stock Exchange: The Italian Index ]"
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia
AIM Italia Investable