Börse Mailand

Auszug aus den Börsenusancen

Bitte beachten Sie, dass die angeführten Börsenusancen nur einen Auszug darstellen und sich ändern können. Die vollständigen Börsenusancen liegen direkt bei der Börse auf. Jegliche Haftung unsererseits im Zusammenhang mit den angeführten Börsenusancen ist ausgeschlossen.

Allgemeine Informationen
Börsenname Italien Exchange
Börsensitzung 9:30 Uhr bis 17:30 Uhr Ortszeit
Versammlungsart Parkettbörse (Präsenzbörse)
Börsenart geregelte Finanzbörse
Kursnotiz Stück- und Prozentnotiz
Börsenwährung Euro
Limitarten Betrag
Mögliche Limitzusätze -
Mögliche Gültigkeiten bis max. 90 Tage
Valuta Schlusstag + 2 Werktage


An folgenden Tagen findet kein Börsenhandel statt. Bitte beachten Sie, dass sich manche Feiertage vom Datum her verschieben können.

Datum Feiertag
1. Jänner New Year's Day
6. Jänner Epiphany
21. April Easter Monday
25. April Liberation Day
1. Mai Labour Day
15. August Assumption Day
26. Oktober Daylight Savings Ends
1. November All Saints Day
8. Dezember Immaculate Conception Day
25. Dezember Christmas Day
26. Dezember St. Stephen's Day

Bitte beachten Sie auch die Orderrichtlinien!

Borsa Italiana S.p.A.
(Italian Exchange)
Piazza degli Affari 6
20123 Milan, Italy
Telephone: 39 2 7242 6231
Fax: 39 2 8055 356

Equities Main Market:
Open Auction: 8:00am to 9:30am
Continuous trading: 09:30am to 5:30pm Monday to Friday.
After Hours Trading 6:00pm to 8:30pm.

The Italian Exchange uses an electronic trading system, which enables real-time trading to be carried out in all securities. The system is supported
by a network which connects all authorized securities firms throughout Italy. The electronic trading system is managed by the Exchange and run by CED Borsa, a private company which manages all the exchange data processing facilities. Two trading systems exist: Servizio Affari for shares, warrants, and convertible bonds, and Servizio Mot-Spe for bonds and odd-lots.
Equity trading takes place in 5 phases. The pre-opening phase is from 8:00am to 9:15am and during this time authorized intermediaries insert buy and sell orders and the system calculates the opening price. At 9:15am the validation phase begins where all securities' books are checked according to the trading rules. The opening phase is from 9:15am to 9:30am and orders are matched at the opening price. The negotiation phase runs from 9:30am to 5:30pm and authorized intermediaries may put on the book buy-and-sell orders which are automatically matched. At 5:00pm the closing phase begins and no new orders may be places and the system computes official prices as the weighted average of prices of all contracts.
Price validation parameters have been put in place. Authorized intermediariesmay input orders with a price variation lower than 90% of the reference price.The reference price is the weighted average of prices of the last 10% of trades of the previous day. If the price varies by more than 10% of the reference price, securities are subject to 5 minutes suspension.
Trading in bonds and odd-lots of equities takes place using the Mot-Spec system. This system is similar to the equity system and has an opening auction followed by a continuous trading session. The odd-lots market was designed to allow the trading of quantities of securities that are lower than the minimum trading lot fixed by the Exchange.

The settlement system for all listed shares takes place 3 days after the transaction (T+3). Clearing procedures are managed by the Bank of Italy through its clearing system of which all intermediaries are members. The settlement system has recently been improved by CED Borsa, which performs all central matching and netting procedures centrally.
The address of the Bank of Italy is
Via Nazionale, 91
0184 Rome.
Phone# 06-47921.
fax# 06-47922139

The types of securities traded on the Equity Market are: ordinary shares, preference shares, savings shares, convertible bonds, option rights, and warrants. On the Derivative Market there are index futures, index options, and stock options. On the Bond Market there are Government Bonds and Private Bonds.
Common shares carry 1 voting right, whereas savings shares have no voting rights. Savings shares can be non-convertible (majority) or convertible into common shares. Savings shares also have a right to a fixed dividend of 5% of the par value. Savings shares may only be issued by a company whose ordinary shares are already listed. Preference shares have a preference over ordinary shares in the payment of dividends and the liquidation of assets. They carry voting rights only at extraordinary shareholder's meetings. Warrants are usually issued with bonds or shares but are listed separately.
Savings shares on the Bloomberg will have the abbreviation RNC after the name.

General listing requirements for issuers include:
- issuers shall submit the 3 latest P&Ls. Exceptionally one P&L is accepted.
- auditing: latest certified financial statement
- its shares nust be freely transferable and suitable for standard settlement procedures.
- outstanding shares corresponding to at least 25% of capital
- market capitlization of at least ITL 10 billion

CONSOB, the securities regulatory commission, requires listed companies to send it copies of their financial statements and directors' and auditors' reports 20 days prior to their annual meetings. Within 30 days after the meeting, companies must submit copies of all resolutions adopted and financial statements. CONSOB must be notified by listed companies of any owner of 2% or more of their shares, and by unlisted companies of any owner of 10% or more of their shares within 30 days of purchase. Any price-sensitive information must be reported without delay to the public.

Commission fees are negotiable.

A tax rate of 12.5% is applicable to both capital gains and dividends. If the capital gain is realized by selling a relevant stake, then the tax rate is increased to 27%.

There are no restrictions on foreign investments in Italy. Foreigners may freely purchase and sell Italian stocks. Non-residents may also open bank accounts in lire of foreign currency. Italian law guarantees that profits and dividends may be exported abroad without limitation.

The Historical MIB Index is computed on all shares listed on the Exchange. Its base date is Jan 2, 1975. and the base value is 1000. There is also a current version of the MIB Index whose base value is rebased to 1000 at the beginning of each calendar year. The MIBTEL Index is similar to the MIB Index, but is computed every minute on the last price of all shares. The MIB30 Index was created in October 1994 and is based on the performance of the 30 most liquid shares on the Exchange. There is also an index for all non-convertible savings shares.

The Italian Exchange was established in 1808 and trading took place by means of an open outcry auction method. A computerized trading system was introduced in November 1991. Since April 1994 all listed securities have been traded electronically. CONSOB and the Bank of Italy are both responsible for the control of the Italian securities market.