ETFplus: the ETF and ETC/ETN market
ETFplus is the regulated electronic market of Borsa Italiana fully dedicated to the trading of:
i.e. of the instruments that replicate the performance of indices (equity, fixed income and commodities) or single commodities.
ETFs are funds or SICAV subject to a low total annual commission traded on the Stock Exchange like a share whose main target is to track the reference index (benchmark) through a totally passive management.
Listed for the first time in Borsa Italiana in September 2002, they have achieved growing success, witnessed by a considerable increase in the volumes of trading and by the increasingly higher number of new products listed. Go to ETFs statistics
On the ETFplus market also innovative ETFs are listed, the so-called structured ETFs that mirror structured indices, enabling objective strategies to be:
Instruments traded on the ETFplus market, even though they share the same operating mechanisms, show their own characteristics and peculiarities. For the purpose of facilitating the investor in the selection activity of those instruments, which better adjust to his risk-return profile and his expectations, three segments are provided, which show the same trading modalities and which are possibly divided into classes:
Open-end index funds segment, divided into the following classes:
Open-end structured funds segment, divided into the following classes:
Active Managed ETFs segment, dividend into the following classes:
ETC segment, divided into the following classes:
Go to the "specialist e liquidity provider" section for ETF.
The contracts are concluded through the automatic matching of bid and ask orders according to price/time priority criteria.
During the continuous trading, orders may be inserted through one’s own intermediary with price limit or without price limit and the modalities may be specified, interalia, of “valid until cancellation” and “valid until specified date”.
In order to ensure the proper operation of the market, as for the shares, maximum limits are fixed to the fluctuation of prices. A maximum limit is established to price variation of the orders inserted on the market compared to the control price (which corresponds to the reference price of the previous day), a maximum limit to price variation of the price of contracts compared with the control price and, finally, a maximum limit to the variation of prices between two consecutive contracts. Such limits vary depending on the segment and the specific class (they are, for example, larger for structured ETFs and smaller for ETFs on bond indices).
Clearing of contracts is managed in Monte Titoli (the company for the centralized administration, clearing and settlement of the Borsa Italiana Group) on the second open market day after the execution of contracts, whose final settlement is guaranteed by the Central Counterparty (Cassa di Compensazione e Garanzia).
The minimum quantity that can be traded is one single share/unit and, therefore, also with very small amounts it is possible to purchase the instruments listed on ETFplus.
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