Article 4.2.1

1.    Trading in the electronic securitised derivatives market shall be in securitised derivative financial instruments for which it is not provided the subscription or the redemption on continuous basis by delivering the financial instruments or commodities that make up the assets or an equivalent amount of cash, issued by persons referred to in subparagraphs 1 a) and c) of Article 2.2.20.

2.    Trading shall be in minimum lots or multiples thereof. Borsa Italiana shall establish the minimum lots tradable, reconciling the need for the market to operate effectively, for investors to have easy access to it and for the execution of orders to be cost efficient.

3.    Purchase and sale contracts concluded on the SeDeX market shall be checked by the service referred to in Article 5.1.1 if they are settled via the settlement system referred to in Article 69 of the Consolidated Law on Finance or via other systems specified in the Instructions. The latter must be subject to supervision in their home country equivalent to that applicable to the systems referred to in Article 69 of the Consolidated Law on Finance. Borsa Italiana shall specify in the Notice establishing the date of the start of trading for each financial instrument the settlement system that will be used in the event that the financial instrument is settled via a settlement system other than that referred to in Article 69 of the Consolidated Law on Finance.

4.    Purchase and sale contracts concluded on the SeDeX market shall be settled on the third trading day following their conclusion.

5.    Borsa Italiana may specify in the Instructions the rules that shall apply where the sale and purchase contracts are not settled within the time limit established in paragraph 4. The entry into force of such rules shall be subject to Consob granting its explicit consent.