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Starting form the 1st of December, the open-end funds are available on the ETFplus market.
On the ETFplus market the financial instruments are divided into the following segments:

a) “segment for index ETFs”;
b) “segment for structured ETFs”;
c) “segment for actively managed ETFs”;
d) “segment for securitized derivative financial instruments (ETCs/ETNs)”;
e) “open-end CIUs segment”

The division between the segments shall be effected on the basis of the characteristics of the financial instruments, according to the following criteria:

a) “segment for index ETFs”

divided into the following classes:

  • class 1: ETFs whose reference index is bond based;
  • class 2: ETFs whose reference index is equity based;

b) “segment for structured ETFs

divided into the following classes:

  • class 1: structured ETFs without a leverage effect;
  • class 2: structured ETFs with a leverage effect;

c) “segment for actively managed ETFs”

divided into the following classes:

  • class 1: bond-based actively managed ETFs;
  • class 2: equity-based actively managed ETFs;
  • class 3: structured actively managed ETFs ;

d) “segment securitized derivative financial instruments (ETCs/ETNs)”

divided into the following classes:

  • class 1: securitized derivative financial instruments (ETCs/ETNs) without a leverage effect;
  • class 2: securitized derivative financial instruments (ETCs/ETNs) with maximum leverage effect equal to 2;
  • class 3: securitized derivative financial instruments (ETCs/ETNs) with leverage effect greater than 2.

e) “segment for open-end funds”, in which shares/units of open-end funds other than ETFs are traded.

During pre-auction phase (up to 10:55 a.m.) intermediaries can insert, modify and delete orders.
Intermediaries can insert buy and sell orders indicating the quantity only (no decimal allowed); only market orders with “Daily” validity are allowed.
Members must not insert the price (the platform show “a conventional price” equal to 1 €), otherwise the trading platform automatically reject these orders.
During the last 5 minutes of pre-auction phase (from 10:55 to 11 a.m.) only the Appointed Intermediary can insert orders (not anonymous – “named orders) to execute the imbalance between buy and sell quantity. In exceptional cases where the appointed intermediary fails to take up the quantity difference, the unfilled orders shall be cancelled.
After this phase, the traded are concluded with a conventional price equal to 1 €. The matching of the orders are regulated according to the time priorities of the individual orders. At T+1, issuers of listed funds must send to Borsa Italiana by the cut-off time (5:00 pm) the EUR denominated NAV of the day T of each fund for the valorization of the traded executed at the day T.
These contracts, valued at NAV, will be settled in Monte Titoli the third day following the conclusion of contracts (T+3).

Last update:  October 12 2016 - 15:00