Article 4.1.4

1.    Approved intermediaries shall express their willingness to trade through anonymous orders. Specialists shall express their willingness to trade through non anonymous orders. Orders shall contain at least the information relative to the financial instrument to be traded, the quantity, the type of transaction, the type of account, the price and the method of execution as specified in the Trading Service Manual.

2.    Orders may be entered in the pre-auction phases and in continuous trading with or without a limit price.

3.    Orders entered with a limit price in the continuous trading phase may be specified as being iceberg orders. The partial quantity displayed must be between the minimum established by Borsa Italiana in the Instructions and the total value of the order. The execution of the whole displayed quantity shall automatically generate a new order. Such order shall be displayed on the book for the same partial quantity or the residual amount of the order with the price of the original order and the time priority corresponding to the time the new order was generated.

4.    Approved intermediaries may enter, modify and cancel orders both in the pre-auction phases and in continuous trading.

5.    The orders for each instrument shall be automatically ranked on the book according to price — in order of decreasing price if to buy and increasing price if to sell — and, where the price is the same, according to entry time. Modified orders shall lose their time priority if the modification implies an increase in the quantity or a change in the price.

6.    In the cases referred to in Article 4.1.1, paragraph 2, orders may be for the minimum lot or multiples thereof.

7.    Limit orders may not be entered with prices above or below the maximum percentage limits for price variations established by Borsa Italiana in the Guide to the Parameters notified in a Notice.

8.    During the opening pre-auction phase, continuous trading phase and the closing pre-auction phase, specialists shall enter quotations to fulfil their obligations under Articles 4.1.11, 4.1.12 exclusively with the executable quote type of order.

9.    In order to ensure the smooth technical functioning and efficient use of the electronic trading support systems, Borsa Italiana may impose limits on the entry and modification of orders in terms of daily frequency, total daily number or the ratio of orders to contracts concluded. Borsa Italiana shall establish such limits and the fees payable by intermediaries where they are exceeded.

10. In order to ensure the regularity of trading in a financial instrument, Borsa Italiana may establish on a general basis in the Parameter Guide notified in a Notice the maximum quantity of financial instruments that may be the subject of an order, the maximum quantity of financial instruments or, in the cases referred to in Article 4.1.1, paragraph 2, the maximum number of lots that may be entered “at the opening-auction price” or “at the closing-auction price”.