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Article 4.7.14

IDEM specialists

1.    With the aim of improving the liquidity of the derivative instruments traded, Borsa Italiana may provide for the intervention of specialists, other than market makers, that undertake to display bids and offers for minimum quantities of contracts. For the purpose of performing this activity, specialists shall use other intermediaries possessing the characteristics indicated in the Instructions.


2.    Borsa Italiana shall lay down rules in the Instructions governing the activity of IDEM specialists according to the type of quotation obligations to which they are subject, specifying the terms of such obligations and the manner of verifying their observance, inter alia with reference to the nature of the contracts traded.


3.    Borsa Italiana shall give Consob advance notice of the obligations referred to in the preceding paragraph and the manner of verifying their observance. The entry into force of the rules shall be subject to Consob granting its explicit consent.


4.    Borsa Italiana shall keep the register of specialists, divided into sections corresponding to the different contracts traded and the type of obligations to which the specialist is subject, in the manner laid down in the Instructions. Applications for inclusion in the register shall be submitted to Borsa Italiana in the manner laid down in the Instructions.


5.    Continued inclusion in the register shall be subject to:

a)      compliance with the obligations referred to in paragraph 2;

b)      maintenance of an adequate level of efficiency in performing the activity, measured on the basis of objective criteria with reference to the contribution to the market’s liquidity.

Last update:  November 9 2010 - 16:30


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