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Following extraordinary corporate operations, which involve the detachment of rights, stock splitting or grouping, demerger operations and distribution of extraordinary dividends, the price of the shares can fluctuate so much that they are no longer comparable. In order to restore the continuity of historical price series, it is necessary to carry out appropriate adjustments through the use of the adjustment factor. These interventions on the share price have also an impact on their derivative contracts (futures and options) because the object itself of the contract changes (a different number of underlying shares, value of share, etc.).
Adjustment interventions on stock option or stock future contracts aim at guaranteeing the financial equivalence of the derivative contract following these corporate events, maintaining the rights of the buyer as well as the obligation of the option/future seller unchanged. Therefore, thanks to adjustment interventions, stock option and stock future contracts keep their financial value unaltered following the corporate action on the share capital, as reported in the corporate action policy.

The communications related to the impact of corporate actions on derivative contracts, options and futures on single shares are published via an "Avviso di Borsa" and distributed through the Net Information Systems (NIS) of Borsa Italiana. They are also available through other information channels.

All the IDEM notices are published free of charge on Borsa Italiana’s website, in the Derivative section, at the address http://www.borsaitalia.it/derivati/corporateactions/corporateactionshome.en.htm.

For any further information, please send an e-mail at: IDEM.corporate-actions@borsaitaliana.it

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