030514 nuovi orari

With the aim of bringing them in line with those of the principal European markets as required by the European Market Model, the Board of Directors has recently voted to change trading hours of the markets organised and managed by Borsa Italiana.

Starting June 23rd, the end of the auction phase and the start of continuous trading on the MTA and Nuovo Mercato markets will be brought forward.

These changes will effect the trading hours on the IDEM and MCW markets: the start of trading on these markets will be moved up to coincide, respectively, with the end of the pre-auction phase and the start of continuous trading on the stock market (IDEM: 9:00, MCW: 9:10).

The trading hours are changed as follows:

• the end of the pre-auction phase will be brought forward to 9:00.
• the start of continuous trading will be brought forward to 9:10, after the contracts have been validated and matched.

Segmento di Borsa Ordinario, MTF segment, class 2 and Mercato Ristretto:

• the pre-auction phase will be extended by five minutes to 10:50.

MTF segment, class 1:

• the start of continuous trading will be brought forward to 9:10.

 

 

Milan, 14 May 2003

 

 

 

 

 

Enclosed: new trading hours of MTA, MTF segment, Mercato Ristretto, Covered Warrant Market and IDEM

MTA NEW TRADING HOURS

 

Trading methods for the blue-chip segment

Blue-chip securities shall be traded using the auction and continuous trading methods with the following trading hours:

08.00 - 09.00 (9.00.00 - 9.00.59) opening auction, pre-auction phase

09.01 - 09.05 opening auction, validation phase

09.05 - 09.10

opening auction, opening phase

09.10

- 17.25 continuous trading

17.25 - 17.35 (17.35.00 - 17.35.59) closing auction, pre-auction phase

17.36 - 17.40 closing auction, validation and closing phase

Pursuant to Article 4.1.8 of the Rules, the pre-auction phases may end at a time within the last minute of such phases.

 

Trading methods for the Star segment

Star securities shall be traded using the auction and continuous trading methods with the following trading hours:

08.00 - 09.00 (9.00.00 - 9.00.59) opening auction, pre-auction phase

09.01 - 09.05 opening auction, validation phase

09.05 - 09.10

opening auction, opening phase

09.10

- 17.25 continuous trading

17.25 - 17.35 (17.35.00 - 17.35.59) closing auction, pre-auction phase

17.36 - 17.40 closing auction, validation and closing phase

Pursuant to Article 4.1.8 of the Rules, the pre-auction phases may end at a time within the last minute of such phases.

 

Trading methods for the ordinary segment (SBO)

1. Ordinary securities shall be traded using the auction and continuous trading methods with the following trading hours:

a) class 1

08.00 - 10.50 (10.50.00 - 10.50.59) opening auction pre-auction phase

10.51 - 10.55

opening auction, validation phase

10.55

- 11.00 opening auction, opening phase

11.00 - 16.25 continuous trading

16.25 - 16.35 (16.35.00 - 16.35.59) closing auction, pre-auction phase

16.36 - 16.40 closing auction, validation and closing phase

b) class 2

08.00 - 10.50 (10.50.00 - 10.50.59) opening auction, pre-auction phase

10.51 - 10.55

opening auction, validation phase

10.55

- 11.00 opening auction, opening phase

11.00 - 16.35 (16.35.00 - 16.35.59) closing auction, pre-auction phase

16.36 - 16.40 closing auction, validation and closing phase

Pursuant to Article 4.1.8 of the Rules, the pre-auction phases may end at a time within the last minute of such phases.

1. When first admitted, companies shall be admitted to trading in class 1. Subsequently, on the occasion of ordinary revisions of the indicators, the Italian Exchange may change a security's trading class on the basis of the frequency of trades and their average daily value in the six preceding months.

 

Trading methods for the MTF segment

1. Units/shares of index CIUs shall be traded in the MTF segment, class 1, with the following trading hours:

9.10

- 17.25 continuous trading
2. Shares of closed-end funds shall be traded in the MTF segment, class 2, with the following trading hours:

08.00 - 10.50 (10.50.00 - 10.50.59) opening auction, pre-auction phase

10.51 - 10.55

opening auction, validation phase

10.55

- 11.00 opening auction, opening phase

11.00 - 16.35 (16.35.00 - 16.35.59) closing auction, pre-auction phase

16.36 - 16.40 closing auction, validation and closing phase

Pursuant to Article 4.1.8 of the Rules, the pre-auction phases may end at a time within the last minute of such phases.

 

Mercato Ristretto new trading hours

The hours of the auction phases in the Mercato Ristretto referred to in Article 4.6.2, paragraph 3, of the Rules shall be as follows:

08.00 - 10.50 (10.50.00 - 10.50.59) opening auction, pre-auction phase;

10.51 - 10.55

opening auction, validation phase;

10.55

- 11.00 opening auction, opening phase

11.00 - 16.35 (16.35.00 - 16.35.59) closing auction, pre-auction phase;

16.36 - 16.40 closing auction, validation and closing phases;

Pursuant to Article 4.1.8 of the Rules, the pre-auction phases may end at a time within the last minute of such phases.

 

 

COVERED WARRANT market new trading hours

 

The trading hours for covered warrants and certificates shall be as follows:

08.00 - 09.05

cancellation orders;

09.10

- 17.25

continuous trading.

 

 

IDEM new trading hours

The hours of the continuous trading phase in the IDEM market shall be as follows:

9.00

- 17.40

Fib 30 contracts

9.00

- 17.40

MiniFIB futures

9.00

- 17.40

MIDEX futures

9.00

- 17.40

Mibo 30 contracts

9.00

- 17.40

Stock futures

9.00

- 17.40

Stock options