According to the Article 2.2.35 of the Rules, the listing of open-end CIUs other than ETFs requires the presence of an appointed intermediary that has entered into the undertakings referred to in Article 4.3.11 of the Rules. According to this article, the appointed intermediary must insert orders (not anonymous) to execute the imbalance between buy and sell quantity.
The appointed intermediaries shall inform Borsa Italiana in the event that they are unable to fulfil their obligations.
Technological set-up of the appointed intermediaries
Appointed intermediaries on ETFplus are also granted a number of transactions per second (“tps”). These transactions shall be used exclusively for the specialist activity as indicated in the Guide to the parameters.
Appointed intermediaries are exempted from the trading fee for transactions deriving from the fulfilment of trading appointed intermediary obligations.