• Growth in the number of listed companies (from 294 to 295)
  • Fourteen new company admissions and thirteen delistings
  • Capitalization of listed companies: €458 billion, equal to 36.6% of GDP
  • Share Trading in Borsa steady, and increase in After Hours trading
  • Increase in equity derivatives trading after introduction of the new trading platform
  • New historic highs for miniFib, After Hours and EuroMOT trading
  • Borsa Italiana in fifth place in Europe for capitalization of its listed companies and in fourth place for shares traded through its electronic systems
  • Six placements for the purpose of listing, raising €1 billion
  • An additional three placement operations, raising €1.9 billion
  • Eighteen operations to increase capital by payment, raising €3.7 billion
  • Twenty-two take-over bids returned €2.8 billion to the market




  • The MIB index closed 2002 at 16,954, down 23.7% on the end of 2001. The high for the year was reached on Wednesday 17 April (23,474, up 5.6% compared to the end of 2001), and the low on Wednesday 9 October (15,154, -31.8%). After an initial two-month period of stability, in the Spring the index was affected by a growth phase followed by a prolonged negative phase, like all the principal international markets. Prices then began to rise, and October and November saw the highest monthly performances since February 2000. 124 sessions were positive and 127 negative, with one unchanged. The biggest one-day positive variation (+4.3%) was recorded on Friday 11 October, with the most negative (-4.0%) on Wednesday 24 July. The month with the best performance was November (+9.0%, the best since February 2000), whereas the worst was September (-14.1%).
  • The Italian market had the best performance among the principal European Exchanges, with the MIB down 23.7%, compared to London -25.9%, the Swiss Exchange -27.8%, Madrid -28.1%, Paris -34.6%, Amsterdam -36.8%, Stockholm -41.7% and Frankfurt -43.9%. On an international level, the U.S. S&P500 recorded a variation of -24.8%, the Nasdaq Composite -32.9%, the Tokyo Exchange index -18.6% and the Toronto Exchange -14.1%.
  • The MIB STAR showed a better trend than the general index, limiting its decrease to 6.5%. The best trend was that of the quality SME index, which was constant for the year, exceeding the general index ten months out of twelve.
  • The continuous indices gave a mixed trend with the Mibtel (-23.5%) similar to the general index, the Mib30 with more marked losses (-26.0%), while the Midex performed somewhat better (-18.7%).
  • The Nuovo Mercato's Numex index closed the year at 1,308, with a decrease of 50.3% compared to the end of 2001. The high for the year was reached on Friday 4 January (2,699, up 2.5% on the end of December 2001), and the low on Wednesday 9 October (1,070, -59.4%). 108 Nuovo Mercato sessions were positive, 140 negative and 4 unchanged. The greatest daily positive variation (+6.2%) was recorded on Friday 11 October, while the most negative (-6.7%) occurred on Wednesday 26 June. The continuous Numtel index recorded an annual variation of -50.1%.
  • A comparison with the analogous indices of the principal European high-growth markets reveals that, despite a general big fall in prices, the Nuovo Mercato recorded the best results: FTSE Techmark -51.1%, SWX New Market -51.8%, Nouveau Marché -52.9%, Neuer Markt -63.1% and Nasdaq Europe -63.8%.
  • During the course of the year, volatility underwent a growth phase after the minimum levels of the first five months. On a yearly basis, market data is basically the same as that of the previous year (21.8% against 21.9%), whereas the Nuovo Mercato decreased from 44.3% to 34.5%. Within the Borsa, volatility of the MIB STAR index (11.4%) was decidedly lower than that of the general index and decreased also with respect to the previous year (16.2%).
  • On a macro-sector level, the trend was mixed, with Industrial (-13.0%) holding steadier than Services (-20.7%) and Financial (-29.9%). Among the sectors of significant size (equal to at least 1% of capitalization), the sector indices for Machinery and Mechanical (+14.7%), Minerals, Metals and Petroleum (+7.1%) and Transportation and Tourism (+4.2%) were positive, whereas the biggest decreases were recorded by Auto (-51.5%), Insurance (-35.4%), Textiles (-33.6%) and Chemicals (-33.2%).
  • Among current Mib30 basket shares, 5 closed the year with a positive performance (Italgas +23.0%, Autostrade +22.7%, Saipem +16.7%, Snam Rete Gas +9.6% and Eni +7.5%), 23 with negative performance (Fiat -56.4%, Pirelli SpA -55.6%, Bnl -54.1% and Finecogroup -53.6%) and two were unchanged, since they were not listed at the end of 2001 (Banco Popolare Verona e Novara and Banca Antonveneta).
  • Of the 346 shares listed at the end of the year, 70 (20.2% of the total) showed a substantially positive annual performance (more than 2.5%), 35 (10.1%) were unchanged (performance between +2.5% and -2.5%), 224 (64.7%) were negative (less than -2.5%) and 17 (6.9%) do not allow a performance calculation, since they were not listed at the end of 2001 or were suspended at the end of the year.
  • The shares with the best annual performance were Enertad - called Cmi up to 12 September - (+178.8%), Smurfit Sisa (+118.0%), Banca Popolare Cremona (+95.6%) and Air Dolomiti (+76.7%), all listed in the Borsa's ordinary segment. These were followed by Merloni (+72.9%), which moved from the STAR segment to Blue Chips in March. The best company in the STAR segment was Ima, with a +36.8% ranking it 13th in annual performance.



  • 2002 closed with slight increase in the number of companies listed on Borsa Italiana markets, growing from 294 at the end of 2001 to 295: in detail, 237 on the Borsa, 45 on the Nuovo Mercato and 13 on the Mercato Ristretto. The 12 new-comers to the Borsa were accompanied by a similar number of delistings. For the Mercato Ristretto, two new companies were admitted to listing, against only one delisting.
  • This year's 14 new admissions bring the number of new companies admitted to the stock exchanges in the last five years - i.e. since Borsa Italiana Spa began operating - to 139, which is more than that (101) recorded in the previous ten years.
  • Of the 12 admissions to the Borsa, five occurred after a placement with a public offer (Astaldi, Pirelli & C. Real Estate, Asm Brescia, Socotherm and Fiera Milano), two due to spin-offs from already listed companies (Sias from Autostrade To-Mi and Actelios from Cmi), one due to the merger of two listed companies (Banco Popolare di Verona e Novara from Banca Popolare di Verona e Banca Popolare di Novara) and two after the merger of listed companies (Edison - ordinary and savings shares - with Italenergia and Lottomatica with Tyche; in both cases the merging companies assumed the name of the incorporated company), in addition to the admission of one company with already existing stocks (Banca Antonveneta) and that of one foreign company whose floating funds consisted of a public exchange offer (Tenaris, following a direct offer to Dalmine shareholders). The two admissions to the Mercato Ristretto involved a placement with public offer (Cit) and a spin-off from a company already listed on the Borsa (Cia from Class).
  • Of the 12 delistings of companies listed on the Borsa, six were the result of mergers with other already listed companies (Bonaparte - ordinary and savings shares - with Risanamento Napoli, Edison with Montedison, which assumed its name and whose ordinary and savings shares were in turn delisted after the merger with Italenergia, Lottomatica with Tyche, Rolo Banca 1473 with Unicredito Italiano and Unimed with Buzzi Unicem), two from mergers in a new company (Banca Popolare di Verona and Banca Popolare di Novara) and in four cases from take-over offers (Gildemeister, Idra Presse, Marangoni and Rotondi Evolution). On the Mercato Ristretto the delisting was due to the merger of a Borsa listed company (Banca di Credito Popolare di Siracusa with Banca Antonveneta).
  • Two companies were admitted to the STAR segment as quality Italian SMEs; seven to the Borsa's Blue Chip segment; three to the Borsa's ordinary segment and two to the Mercato Ristretto.
  • Also, during the year the savings shares of Banca Carige were admitted for listing, with delisting of those of Snia (following their conversion to ordinary shares), Necchi and Premuda (due to trading irregularity).
  • During the course of the year, the STAR segment for quality Italian SMEs saw the inclusion of five companies (Astaldi, Fiera Milano, Gefran, Giacomelli Sport and Saeco), the first two being newly listed. At the end of the year, 41 companies were listed in the segment.
  • The covered warrants and certificates market underwent a fall in the number of traded instruments, going from 5,866 at the end of 2001 to 3,571 - after 6,668 admissions and 8,963 delistings. At the end of May, the number of listed instruments had reached a new historic high of 7,628.
  • On the Mot, the number of government securities listed continued the slight downward trend that began 1998. The 53 admissions and 58 delistings brought the number of listed instruments at the end of the year from 117 to 112. After 25 admissions and 71 delistings, at year end the number of bonds fell from 416 to 370.
  • On the other hand, there was a slight increase in the number of financial instruments traded on the EuroMOT, going from 21 to 22 thanks to 4 admissions and 3 delistings.





  • At the end of December the total capitalization of domestic listed companies was €458.0 billion (€592.3 billion at the end of 2001) equal to 36.6% of the Gross Domestic Product.
  • In detail, capitalization was €447.1 billion for the Borsa, (€575.0 at the end of 2001), €6.4 for the Nuovo Mercato (€12.5) and to €4.5 for the Mercato Ristretto (€4.9).
  • With €501.3 billion at the end of November, Borsa Italiana ranked fifth in Europe for capitalization of listed domestic companies after London (€1,845.4 billion), Euronext (€1,597.9), Deutsche Börse (€714.4) and the Swiss Exchange (€560.8) and ahead of Madrid (€477.0), Stockholm (€197.4) and Helsinki (€165.1). On an international level, the Italian Exchange ranked ninth after the New York Stock Exchange (€9,515.3 billion), Tokyo (€2,131.7), the Nasdaq (€1,987.1 - figures at end of October) and Toronto (€570.4) and ahead of Hong Kong (€494.1), the Australian Exchange (€384.5), Taiwan (€271.7) and Seoul (€247.4).
  • In the ranking of the macro-sectors within the Borsa, Services (down from 38.5% in 2001 to 37.9%) surpassed Financial (decreasing from 38.9% to 34.9%), whereas the increase in Industrial was significant (from 22.6% to 24.8%).


  • Total trades on the electronic system for stocks and covered warrants reached 47.4 million contracts and €654.8 billion in turnover. The daily average was 187,983 contracts (down 10.0% on 2001) and €2.60 billion (-4.1%).
  • With reference to the entire electronic system, trading in Borsa shares (daytime session) represented 77.8% of contracts (68.4% in 2001) and 94.3% of total turnover (92.7%), the Nuovo Mercato (daytime session) represented 6.5% and 1.5% (13.0% and 2.8%), covered warrants 11.9% and 2.7% (11.5% and 2.9%).
  • Daytime trading of Borsa-listed shares was substantially stable in the number of contracts (daily average of 142,824 in 2001 and 142,933 in 2002, +0.1%), while turnover decreased less than prices (daily average down from €2,512.6 million to €2,449.3 million, -2.5%). The highest number of trades in a single day was reached on Friday 21 June (a derivative expiration session) with a turnover of €5,273.4 million. In the context of substantial stability in the number of trades, the most liquid month was November which, with a daily average of 170,342 contracts and €2,848.2 million in turnover, was the second highest month in the two years 2001-2002, exceeded only by September of last year.
  • Inside the Borsa, 2002 was characterized by growth in the concentration of trades on Mib30 securities, increasing from 68.9% to 75.2% of the total in terms of contracts and from 81.9% to 88.5% in terms of turnover.
  • Abolition of the minimum trading lot for shares listed on the Borsa, in force as of 14 January, had no affect on the average contract size, which remained substantially unchanged (€17,136 compared to €17,592 in 2001 for the daytime session). Its growth in real terms (net of the trend in prices) can be interpreted as a sign of the predominance - compared to 2001 - of institutional and professional investors over retail investors.
  • Daytime trading of Nuovo Mercato shares decreased, going from a daily average of 27,124 to 12,013 contracts (-55.7%) and from €76.7 to €39.4 million in turnover (-48.6%). The highest number of trades in a single day was reached on Monday 2 December, with a turnover of €174.5 million. The most liquid month was March (daily average of 16,520 contracts and €63.6 million), closely followed by December.

  • Tim was the most traded share for turnover, with a total of €83.74 billion (13.2% of the total), followed by Eni (€74.82 and 11.8%), STMicroelectronics (€60.32 and 9.53%), Telecom Italia (€52.33 and 8.27%) and Unicredito Italiano (€39.98 and 6.32%). The first Nuovo Mercato share, Tiscali, ranked 22nd with €6.03 billion (0.95% of the total) and the second share, e.Biscom, ranked 37th (€1.56 and 0.25%).
  • In terms of contracts, the most traded stock was STMicroelectronics with 3.76 million contracts (9.33% of the total), followed by Tim (2.35 and 5.84%), Eni (1.82 and 4.51%), Generali (1.57 and 3.90%) and Telecom Italia (1.30 and 3.23%). Tiscali ranked 8th with 1.14 million contracts (2.83% of the total) and e.Biscom was 26th (0.44 and 1.09%). Three other Nuovo Mercato companies entered the top 50: Eplanet in 38th place, Finmatica in 43rd and Chl in 47th.

  • Daytime trading in covered warrants and certificates listed on the MCW fell slightly compared to the previous year, with a drop in the daily average from 23,997 to 21,873 contracts (-8.9%) and from €79.3 to €69.7 million in turnover (-12.1%). In a context of substantially stable trading, May was the most liquid month, with a daily average of 24,633 contracts and €104 million. Due to a different mix of instruments traded, the second half of the year was characterized by a decrease in turnover substantially equal to the number of contracts.
  • At the end of November, Borsa Italiana - with a daily average of €2.50 billion - confirmed its position as number four in Europe for shares traded on its electronic systems, preceded by Euronext (€6.29 billion), London (€4.33) and Deutsche Börse (€3.49), and ahead of SWX-Virt-x (€1.96), Madrid (€1.76) and Stockholm (€0.93).

  • After Hours trading recorded 1.7 million contracts and €6,940 million, reaching new historic highs in terms of turnover, with the daily average rising from €24.4 million in 2001 to €28.4 million in 2002 (+16.5%). In a context of gradually increasing contracts and turnover during the year, November had the most trades, with a daily average of 10,378 contracts (fourth highest ever) and €47.1 million (new historic high). The highest turnover in trading in a single day was reached on Monday 15 April (€162.3 million, a new historic high for a single session) and the highest number of contracts was on Monday 2 December (15,728, below the historic high of 20,623 on 19 November 2001). STMicroelectronics was the most traded stock during the evening session with 15.6% of contracts and 24.8% of turnover, followed by Tim (7.9% and 13.9%). Tiscali was third for number of contracts traded (7.5% of the total), with Eni third for turnover (6.6%).

  • Trading in ETF - listed since 30 September - reached 5,124 contracts and €206 million, with a daily average of 81 contracts and €3.3 million.



  • Introduction of the new trading platform on 22 April allowed significant innovations to the micro-structure (continuous quotation obligations for stock option market makers), with increased speed and efficiency in the system and the introduction of new listed series. The market's reaction was extremely positive: in the period following introduction of the new platform, the daily average of standard contracts traded grew by 22.1%, with positive effects for all instruments traded.
  • In 2002, 17.2 million standard contracts were traded for a notional turnover of €944 billion. The average daily number of standard contracts went from 67,784 in the previous year to 68,439 (+1.0%) and notional turnover - which was affected by the fall in share prices - decreased from €4.69 to €3.74 billion (-20.1%). The distribution of individual instruments saw index futures increase and options decrease.
  • Mib30 index future grew in terms of the number of standard contracts, with a daily average increasing from 18,390 to 19,355 (+5.2%). The notional turnover, which was affected by a drop in the level of the index, averaged €2.67 billion (€3.29 in 2001). June, also characterized by quarterly expirations, was the most liquid, with a daily average of 23,050 standard contracts and €3.24 billion in notional turnover.
  • The miniFIB experienced strong growth rates in the number of standard contracts (the daily average up from 5,556 to 8,464, +52.3%) and in notional turnover (the daily average increasing from €196 to €231 million), setting new daily records repeatedly during the second half of the year, the last of which was reached on 19 December, with 18,505 standard contracts. December was also the most liquid month in the history of the miniFIB, with a daily average of 10,960 standard contracts and €271 million in notional turnover.
  • Trading of options on the Mib30 index fell slightly in terms of standard contracts, with a daily average of 10,271 (down 4.7% on the 10,779 of 2001). The fall in prices caused a reduction of notional turnover, whose daily average went from €0.98 to €0.70 billion. In this case, the most liquid month was September, with a daily average of 14,781 standard contracts and €913 million in notional turnover.
  • Trades of stock options - which remain the most traded instruments on the IDEM in terms of standard contracts with 44% of the total - decreased slightly, with the daily average going from 33,054 to 30,108 (-8.9%). As in the case of other instruments, the fall in stock prices affected the trend of notional turnover, whose average was €138 million (€222 in 2001). The most liquid months for share options were May (37,545 standard contracts per day) and November (35,429). During 2002, options were introduced on four new underlying instruments: Banca Fideuram and Snam Rete Gas as of 20 May and Italgas and STMicroeclectronics beginning on 24 June. At year-end, options were being traded on 35 shares, two of which on the Nuovo Mercato.
  • Since 22 July, futures on five stocks, Enel, Eni, Telecom Italia, Tim and Unicredito Italiano, have been traded on the IDEM. During the last six months of 2002, 59,853 standard contracts were traded for a notional turnover of €328 million. November was the most liquid month for these new instruments, with a daily average of 1,245 standard contracts and €7.3 million in notional turnover.



  • Trading of government securities grew from €126.0 to €150.9 billion, with the daily average increasing from €500 to €599 million (+19.7%). On the hand, trading of bonds listed on the Mot decreased from €10.0 to €7.8 billion, with a daily average falling from €39.7 to €30.9 million (-22.1%). Trading in government securities was much higher in Spring (March, with a daily average of €697 million, recorded the highest level since February 2000), but dropped after the summer.
  • Trading on the EuroMOT grew sharply, from €0.97 to €2.30 billion, with the daily average increasing from €3.84 to €9.11 million (+137.2%). September had the most trades, with a daily average of €12.7 million and a new historic high for the EuroMOT.




  • In 2002, listed companies carried out 18 capital increases by payment (13 on the Borsa and 5 on the Nuovo Mercato), which allowed the listed companies to raise €3.7 billion. The two largest operations (which raised slightly less than 65% of the total) were carried out by Alitalia in July and Fiat in January-February. Among the other operations that raised significant amounts were Risanamento Napoli (€225 million) and Banca Popolare Commercio e Industria (204). These were followed, with lower amounts, by the operations of Intek, Aedes, It Holding, Lazio, Olcese, Premafin, Roncadin, Fin.Part and Vemer Siber, Borsa listed companies, and by Chl (twice), Gandalf, Tecnodiffusione and Inferentia DNM, listed on the Nuovo Mercato. The average size of the payment operations, influenced by the largest ones, was €205 million (€423 in 2001), the median was €48 million (€92 in 2001). Alongside the payment operations, there were also five with no charge and, in early January, the phase of redenominating share capital in Euro was completed.
  • The 9 placements raised €2.9 billion, almost totally by companies listed on the Borsa.

Mainly connected to Initial Public Offerings (6 cases, of which 5 on the Borsa - Astaldi, Pirelli & C. Real Estate, Asm Brescia, Socotherm and Fiera Milano - and 1 on the Mercato Ristretto, Cit), the placements were also used for the Telecom Italia institutional tranche, for placement of the FondoAlpha property fund shares and for the capital increase without option rights by Banca Lombarda e Piemontese. The larger operations in terms of turnover placed in 2002 were - for the Borsa - the Telecom Italia institutional placement (€1.4 billion), the placements for the purpose of admission to listing of Pirelli & C. Real Estate (with an offering for new and outstanding shares for €0.4 million) and Asm (offering for new subscription shares for €0.4 billion) and the secondary offer from the Banca Lombarda e Piemontese (€0.3). The Mercato Ristretto saw the IPO for CIT - Compagnia Italiana Turismo - with a turnover of €18 million.

Out of the 9 operations, the sale only method (IPO) was used twice (with only private placement in the case of Telecom Italia), the subscription of new shares only in three cases (OPS) and the remaining four cases used the mixed technique (OPVS).

  • Shares acquired by retail investors represented 27% of the total funds raised by public offerings for the listing of new companies (21% in 2001), against 69% acquired by Italian and foreign institutional investors (74%) and 4% reserved for employees and other parties (5%).
  • As was the case in 2000 and 2001, a very significant amount of the capital raised on the occasion of admission to listing - 64% - flowed directly to the listed companies. The remainder went to the shareholders who disposed of their own equity holdings. This figure grew with respect to 2001, when the share flowing to the companies was 57%.




  • There were 22 take-over bids launched during the year for a total of €2.8 billion. Since 1992, the year in which compulsory public offers became regulated under Italian law, 2002 ranks fourth in terms of number of operations (32 in 1996, 30 in 2000 and 24 in 1999), and fifth in terms of the value of those operations (after the €55.5 of 1999, the €12.2 of 2000, the €5.9 of 2001 and the €3.0 of 1995).
  • These involved 16 cases of voluntary offers, 5 cases of compulsory offers (residual in 3 cases) and one case of a preventive offer.
  • The principal operations of 2002 were the take-over bids launched at the beginning of the year by Tyche for Lottomatica (€0.7 billion), jointly by Impe Lux and Coci for Ferretti (€0.6), by Eurofind for La Rinascente (€0.6) and by Biosdue for Snia (€0.2). The other operations were for lesser amounts, all under €155 million. One of the 22 operations was unsuccessful (the take-over bid by Interactive Group for Freedomland). At 30 December 2002, there were another 6 operations underway, two of which residual.


Milan, 30 December 2002



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