Price variation limits
We remind intermediaries that, as set out in article 4.5.9 Rules of the Markets organised and managed by Borsa Italiana, for the purpose of the automatic control of the regularity of trading, the following types of price variation limits have been established:
Segment |
Max variation of price orders than static price |
Max variation of price orders than dynamic price |
Max variation of contracts price than dynamic price |
Standard ETFs – class 1 |
10% |
3,50% |
2% |
Standard ETFs – class 2 |
10% |
5% |
2,50% |
Structured ETFs – class 1 |
10% |
5% |
2,50% |
Structured ETFs – class 2 |
20% |
10% |
5% |
ETCs/ETNs – class 1 |
20% |
10% |
5% |
ETCs/ETNs – class 2 |
30% |
15% |
7,50% |
As set out in articles 4.5.6 and 4.5.8 of Rules of the Markets organized and managed by Borsa Italiana, are defined:
Reference Price: it is determined by Borsa Italiana on the basis of a significant number of best bids and offers on the book during the session, giving greater weight to the most recent. If there are no any orders on the book, the reference price shall be equal to that of the previous session.
Static Price: it’s the previous day’s reference price; when the first contract is concluded in the continuous trading phase, the price of this contract shall be the new static price for all the continuous trading phase.
Dynamic Price: it’s the price of the last contract concluded in the current session.
Where, during the continuous trading of a financial instrument, the price of a contract that is being concluded exceeds one of the price variation limits, the continuous trading of that financial instrument shall be automatically suspended for 2 minutes and the order that caused the suspension shall be automatically cancelled. During the suspension only the cancellation of the orders is allowed.
Borsa Italiana may establish a different price variation limits from that specified above. Please download the file which contains the list of ETFs having different price variation limits: (
file xls - 25 KB)