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a) Membership

The Rules of Borsa Italiana disciplines the participation of the intermediaries in the markets, defining the subjects which can directly participate in the trading activity and the minimum requirements, which they have to meet, in terms of participation requirements and technological structure, and in terms of handling the settlement and clearing processes of the contracts concluded on the markets.
The above requirements are verified both during the admission process (application phase) and afterwards for continuous eligibility of members. Their communication is done electronically thorough BIt Club website, which allows to manage on line applications for membership and requirements updates.
For further details about the admission procedure  visit the special section for the relevant documentation, where you can see:

- Admission to trading and continued eligibility;
- Membership promotions of the London Stock Exchange Group;
- Fees for the service of negotiation.

b) Orders

The open-end funds different from ETFs are traded during auction call from 8:00 a.m. to 11:00 a.m.
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).
Iceberg orders or orders Cross and Block Trade Facility are not allowed for this segment.
All the orders are anonymous orders with the exception of the one inserted by the appointed intermediary (which are name orders). Trading in open-end funds other than ETFs shall take place only on days when the issuer is required to calculate the net asset value (NAV) of the share/unit.

Validity parameters

Only “at best” order with day validity are allowed for this segment


On this segment there are no minimum trading ticks, because all orders are executed on the platform at the conventional price (this price will be replaced with the NAV only the next trading day).

Trading parameters

The reference price of open-end funds different from ETFs is equal to the NAV that is communicated by the issuer the trading day following the conclusion of the trades (T + 1).
On this segment there are no price variation limits, because all the orders are executed on the platform at the  conventional price (this price will be replaced with the NAV only the next trading day).

c) Settlement

Member firms must at all times have adequate settlement procedures in place.
The access to the settlement systems is not required to member firms acting as Non Executing Brokers only.
Please note that the contracts concluded on the ETFplus market segment open-end funds are not guaranteed by a central counterparty.
Trades are settled via ‘ Express II’ run by Monte Titoli, the Italian Central Securities Depositary (CSD) for Borsa Italiana markets. Express II is a settlement service managing net and gross settlement functions for transactions in non-derivatives transactions.

For more information visit the site of Monte Titoli: www.montetitoli.it

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