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_-_2022-09-03_-_3.jpg) The Palazzo Mezzanotte withIl Dito in front | |
| Type | Stock exchange |
|---|---|
| Location | Milan,Italy |
| Founded | 1808; 217 years ago (1808) |
| Owner | Euronext[1] |
| Key people | Claudia Parzani (chairperson) Fabrizio Testa (CEO) |
| Currency | EUR |
| No. of listings | 353 |
| Market cap | €2.37 trillion ($2.96 trillion) (2017)[2] |
| Volume | €609 billion |
| Indices | FTSE MIB FTSE Italia All-Share FTSE Italia Mid Cap FTSE Italia Small Cap FTSE AIM Italia |
| Website | www |
Borsa Italiana (English:Italian Stock Exchange) orBorsa di Milano (English:Milan Stock Exchange), based inMilan atMezzanotte Palace, is theItalianstock 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 on 2 January 1998.[4] On 23 June 2007, the Italian Bourse became a subsidiary of theLondon Stock Exchange Group.[5] This changed on 9 October 2020, when a €4.3 billion deal was agreed between theLondon Stock Exchange Group and pan-European stock exchange groupEuronext.[6] Euronext's acquisition of the Italian Bourse was completed on 29 April 2021. It is expected Italian Bourse will be rebranded asEuronext Milan in due course.[7]
Borsa Italiana is also informally known asPiazza Affari (lit. 'Business Square'), after the city square of Milan where its headquarters (thePalazzo Mezzanotte building) is located.
Borsa Italiana is chaired by Claudia Parzani, and Fabrizio Testa is the CEO.[8]
Borsa Italiana is regulated by theCommissione Nazionale per le Società e la Borsa (CONSOB), an agency of theMinistry 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 ItalianGDP.[9]
The Borsa di commercio di Milano (Milan Stock Exchange) was established byEugène de Beauharnais, viceroy of theNapoleonicKingdom of Italy, through decrees dated 16 January and 6 February 1808.[10] It overtook the historically poorly regulatedBorsa di Genova, later becoming the Italy's main stock exchange after thePanic of 1907.
It operated under public ownership until 1998, when it was privatized.[11]In 1997, all the Italian stocks were merged. Before that year, other smaller stocks exchanges were based inNaples,Turin,Trieste,Venice,Genoa,Florence,Bologna,Rome, andPalermo. 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.[12]
On 1 October 2007, Borsa Italiana was merged with theLondon Stock Exchange in an all-share takeover,[13] 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 withDeutsche Borse, but was subsequently blocked by the EU Competition Regulator.[14]
On 18 September 2020, theLondon Stock Exchange Group entered into exclusive talks to sell the Italian Bourse toEuronext.[15] On 29 April 2021, following the entry ofCDP Equity andIntesa San Paolo (Italian institutional investors) as shareholders of Euronext, the European group assumed control of the company.[16] 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.[17]
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.[18]
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.[19]
Major trading markets for Borsa Italiana are:
Borsa Italiana also include markets for derivatives (IDEM),[23] ETF (ETFPlus) and bonds (MOT).[24]
Borsa Italiana's main indices are:[25]
For a full list, seeCategory:Companies listed on the Borsa Italiana.
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