Trading

MTA and AIM Italia

Trading on MTA and AIM Italia occurs on the basis of auction and continuous trading.

Trading hours are the following:

  • Opening auction, including pre-auction theoretical price set up and conclusion of contracts (“opening”);
  • Continuous trading
  • Closing auction, including pre-auction theoretical price set up and conclusion of contracts (“closing”)
  • Trading at closing auction price, with opportunity of entry, change, cancellation of orders and later of contract execution, in accordance with the priority of order entry

Trading on MTA occurs according to the following timetable:

MTA

Timetable

Opening auction

(pre-auction, validation, opening and conclusion of contracts)

08:00 - 09:00 (09:00:00 - 09:00:59)

Continuous trading

09:00 - 5:30pm

Closing auction

(pre-auction, validation, closing and conclusion of contracts)

5:30 - 5:35pm (5:35:00 - 5:35:59pm)

Trading at closing auction price

(order entry phase, trading phase)

5:35 (5:35:00 - 5:35:59pm) - 5:42pm

Trading on AIM Italia occurs according to the following timetable:

AIM Italia

Timetable

Opening Auction

(pre-auction, validation, opening and conclusion of contracts)

08:00 - 09:00 (09:00:00 - 09:00:59)

Continuous trading

09:00 - 5:30pm

Closing Auction

(pre-auction, validation, closing and conclusion of contracts)

5:30 - 5:35pm (5:35:00 - 5:35:59pm)

Trading on AIM Italia professional segment is based on a single daily price determined during an auction phase from 8.00am to 5.35pm.

 

 

GEM and TAH Segment

Borsa Italiana Equity MTF market is divided into the Borsa Italiana Global Equity Market segment (Bit GEM segment) and the Trading After Hours segment (TAH segment).

In 2019, approximately 26,000 contracts were exchanged on this market (1,020 contracts per day, with a daily notional value of around 6,4m of euros).

Trading on the Bit GEM segment takes place during the following hours: 

BIT GEM segment

Trading hours

Opening auction

(pre-auction, validation, opening and closing of contracts)

08:00 - 09:00am (9:00:00 - 9:00:59pm)

Continuous trading

09:00am - 5:30pm

Closing auction

(pre-auction, validation, opening and closing of contracts)

5:30 - 5:35pm (5:35:00 - 5:35:59pm)

Trading at closing auction price

(order entry phase, trading phase)

5:35 (5:35:00 - 5:35:59pm) - 5:42pm

As of today, the basket of the Bit GEM segment includes 88 foreign securities, such as Tesla, Amazon and Bayer. 

Trading on the TAH segment takes place during the following hours: 

TAH segment

Trading hours

Continuous trading

6:00 - 8:30pm

The TAH is the evening market which allows for the trading of securities from 6:00 to 8:30pm.

 

 

For more information on trading please contact EQUITY.MARKETS@borsaitaliana.it

 


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