Article 4.1.7

1.    The reference price shall be the closing-auction price.

2.    Where it is not possible to determine the closing-auction price pursuant to Article 4.1.5, the reference price shall be the weighted average price of contracts concluded in an interval of the continuous trading phase, as indicated in the Instructions.

3.    If it is not possible to determine the closing-auction price and no contracts were concluded during the interval of the continuous trading phase referred to in paragraph 2, the reference price shall be the price of the last contract concluded during the entire trading session.

4.    Where no contracts have been concluded during the entire trading session, the reference price shall be that of the previous session.

5.    In order to guarantee the regularity of trading and the significance of prices, Borsa Italiana may establish, on a general basis and with reference to specific trading segments or a single financial instrument, that the reference price shall be determined in a manner having a different sequence to that laid down in the previous paragraphs and announce the decision in a Notice.