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A new organisation structure for Borsa Italiana S.p.A.


Borsa Italiana's new organisation structure has been in place since the start of January this year; the previous one was from 1998.

The Company has grown significantly over the past three years, achieving its business plan targets, diversifying product and service offerings and is in fourth place in terms of trading and fifth for capitalisation in Europe.

Five factors have contributed to this growth: increased turnover stemming from higher trading volumes and new companies admitted to listing, the creation of new markets or market segments, the launch of new financial instruments, the expansion of information services, and improved organisation of markets and operative and industrial supply chains.

To address its business growth, Borsa Italiana has acquired, created and developed new subsidiary companies - Cassa di Compensazione e Garanzia (CC&G), BIt Systems and Piazza Affari Gestione e Servizi (PAG&S) - with the aim of raising the level of services offered to clients.

At the same time, the overall number of employees has risen from 68 on 1 January 1998 to 200 - on a Group level - at the end of 2001.

The new structure, designed to facilitate the achieving of new goals, provides for the creation of eight organisational units answering directly to the Managing Director, Massimo Capuano.

  1. Corporate Communication (Alessandro Pavesi)

  • Finance & Resources (Paolo Ciccarelli)

  • Internal Auditing

  • Legal & Institutional Affairs (Michele Monti)

  • Markets (Raffaele Jerusalmi)

  • Markets Supervision (Astridel Radulescu)

  • New Business (Bruno Siracusano)

  • Research & Development (Luca Filippa)

With this new structure, the Markets area has complete responsibility for all markets managed by Borsa Italiana (stocks, derivatives, covered warrants, bonds) for marketing, customer support, market operation management and the design and development of new products and services. The Corporate Communication, Finance & Resources and Research & Development units take on Group functions.

To ensure continuity with the previous structure, the segregation of duties for institutional operations in the Legal & Institutional Affairs and Markets Supervision areas has been maintained, while the degree of efficiency and readiness in underlying decision-making processes has been intensified to guarantee market transparency, orderly trading and the protection of investors.


Milan, 16 January 2002


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