Article 4.1.5

1.    In the pre-auction phases, the indicative uncrossing price shall be computed and updated in real time. It shall be determined as follows:

a)      the indicative uncrossing price shall be the price at which the largest quantity of financial instruments can be traded; in the cases referred to in Article 4.1.1, paragraph 2, such quantity shall be equal to or a multiple of the minimum lot;

b)      where the quantity referred to in subparagraph a) can be traded at more than one price, the indicative uncrossing price shall be equal to the one which produces the smallest quantity that cannot be traded with reference to the buy and sell orders having prices equal to or better than the price in question; in the cases referred to in Article 4.1.1, paragraph 2, such quantity shall be equal to or a multiple of the minimum lot;

c)      where for more than one price the quantity of instruments that cannot be traded referred to in subparagraph b) is also the same, the indicative uncrossing price shall be equal to the highest price if the greater pressure is on the buy side or with the lowest price if the greater pressure is on the sell side;

d)      where applying subparagraph c) the market pressure on the buy side is equal to that on the sell side, the indicative uncrossing price shall be equal to the price closest to that of the last valid contract;

e)      where no reference price exists, the indicative uncrossing price shall be equal to the lowest price among those referred to in the previous subparagraphs.

2.    The indicative uncrossing price shall be equal to the price of the last valid contract where only buy and sell orders without a limit price are present.

3.    The pre-auction phase shall end at a time within an interval specified by Borsa Italiana in the Instructions.

4.    The last indicative uncrossing price shall be considered valid and adopted as the auction price for the conclusion of contracts if it differs from the static price by less than the maximum percentage variation established by Borsa Italiana.

5.    If the difference between the indicative uncrossing price and the static price exceeds the maximum percentage variation referred to in the previous paragraph, the volatility auction phase shall be started for a period established by Borsa Italiana in the Instructions.

6.    The conclusion of contracts referred to in paragraph 4 shall be the result of the automatic matching of buy orders with prices equal to or higher than the auction  price with sell orders with prices equal to or lower than such price in accordance with the price and time priorities of the individual orders and until the quantities available are exhausted. Market orders shall always have higher priority than limit orders.

7.    At the end of the opening auction or of the volatility auction, limit orders which are partly or wholly unfilled shall be automatically transferred to continuous trading as limit orders and with the price and time priority of the original order. Unfilled market orders shall be automatically cancelled at the end of the auction.

8.    At the end of the closing auction, limit orders which are partly or wholly unfilled and for which the “good till time” or “good till cancelled” method of execution has been specified shall be automatically transferred to opening pre-auction phase of the following day with the price and time priority of the original order. Unfilled market orders shall be automatically cancelled at the end of the auction.