Article 4.1.10

1.       For the purpose of the automatic control of trading, the following types of price variation limits have been established:

a)      the maximum price variation limit of orders with respect to the static price, referred to in Article 4.1.4, paragraph 7, of the Rules, activated both in auction phases and in the continuous trading phase;

b)      the maximum price variation limit with respect to the static price, referred to in Article 4.1.5, paragraph 4, and Article 4.1.10, paragraph 2, of the Rules, activated both in auction phases and in the continuous trading phase;

c)      the maximum price variation limit of contracts with respect to the dynamic price referred to in Article 4.1.10, paragraph 2, of the Rules, activated only in the continuous trading phase.

Borsa Italiana shall establish on a general basis the maximum percentage variations referred to above in the Parameter Guide notified in a Notice.

2.       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 referred to in paragraphs 1a), 1b) and 1c) the continuous trading of that financial instrument shall be automatically suspended and a volatility auction phase begun, which shall be carried out as provided in this Title for opening auctions.