The presence of specialists supporting the liquidity of financial instruments traded is provided for MOT and ExtraMOT markets. Intermediaries admitted to trading may act as specialists on the relevant markets/segments.
The specialists obligations are determined by Borsa Italiana as:
- the maximum spread, calculated as the difference between the bid and ask prices (spread obligations);
- the minimum daily quantity until which specialists are required to re-enter bids and offers;
- the minimum quantity of each bid and offer (quantity obligations).
For the ExtraMOT market, only quantity obligations are determined and approved intermediaries shall act as specialists for the ExtraMOT financial instruments for which they have applied for admission to trading.
With the aim to increase the liquidity of the instruments traded and, in particular, to permit issuers to facilitate the disinvestment of such instruments for their clients, the presence of the bid specialists will be allowed.
The former undertakes to display bids on a continuous basis for minimum quantities.
Such activity may be performed by intermediaries admitted to trading on the relevant market. Where the issuer is admitted to trading on the market, the request may be applied by the issuer that may fulfil the undertaking itself.
The bid intermediaries obligations are determined by Borsa Italiana as:
- the minimum daily quantity until which intermediaries are required to re-enter bids and offers;
- the minimum quantity on bid side (quantity obligations).
The obligations for both the intermediaries are determined taking into account the placement date, the nominal value of the issue, the distribution and the features of the financial instruments.
Borsa Italiana shall verify the activity of intermediaries supporting the liquidity of bonds traded through indicator ε, calculated on the basis of the fulfilment relevant obligations.
Until the minimum daily quantity is reached, specialists and bid specialists are required to re-enter bids and offers within 5 minutes from the conclusion of a contract as a result of their execution in the electronic system.
The name of the specialist or of the bid specialist and the obligations shall be published in a Notice of Borsa Italiana and the cessation of the activity must be notified in writing to Borsa Italiana that will establish the relevant date through a Notice.
Please download the relevant form to operate as specialist or bid specialist(file pdf - 24 KB) .