Article 4.6.1

  1.    Trading in the electronic investment vehicles market (MIV) shall be in any quantity of shares of Investment Companies, Real Estate Investment Companies and SIVs, convertible bonds, pre-emptive rights, warrants issued by Investment Companies, Real Estate Investment Companies and SIVs and units of closed-end funds. Combinations of financial instruments issued by SIVs referred to in the previous sentence shall also be traded in this market.

2.    Borsa Italiana may specify a minimum lot for each financial instrument where this is necessary 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 having as their subject financial instruments referred to in paragraphs 1 shall be checked by the service referred to in Article 5.1.1 and settled via the settlement service referred to in Article 69 of the Consolidated Law on Finance:

a)      on the third trading day following their conclusion where they refer to shares, convertible bonds, warrants or units of closed-end funds;

b)      on the third trading day following their conclusion where they refer to pre-emptive rights;

c)      on the trading day following their conclusion where they refer to unexercised pre-emptive rights.

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. The entry into force of such rules shall be subject to Consob granting its explicit consent.