The amendments to the Markets and Nuovo Mercato rules
come into force as from 19 September 2005
Transfer of trading from the EuroMOT market to the MOT market
to take place as from 7 November 2005
New calculation method and new time limits for the dissemination
of the MIDEX index as from 19 September 2005
Introduction of the total return indexes
The shareholders’ meeting of Borsa Italiana held on 29 April 2005 and subsequently the Consob, under resolution No. 15101 dated 5 July 2005, approved several amendments to the Rules of the Markets and of the Nuovo Mercato and the accompanying Instructions.
Specifically, with regards to the following:
the enforcement date is set for 19 September 2005.
In order to grant a gradual changeover to the new rules, some transitional provisions have been introduced. Such provisions state that:
With regards to the transfer of trading from the EuroMOT market to the MOT market, the enforcement date is set for7 November 2005.
On 20 July 2005, the Board of Directors of Borsa Italiana approved other amendments to the Instructions accompanying the Rules of the Markets, in line with the re-organization of the markets and aiming at making the disclosure indexes more representative.
As from 19 September 2005, the calculation method and the time limits for the dissemination of the MIDEX index will be changed and total return indexes will be introduced.
a) In order to create an index which is complementary to the S&P/MIB index and representative of all the shares belonging to the Blue Chip segment (and not already included in the S&P/MIB index), the calculation method of the MIDEX index will be amended in such a way so that it "refers to all the shares listed in the Blue Chip segment of the stock exchange and of the MTAX market not included in the S&P/MIB index".
In detail, this index will base itself on a free-float weighting method and the weight of each share at the time of the updates shall not exceed 10% of the entire basket.
The index will be calculated and disseminated from the continuous trading phase with a frequency of one minute on the basis of the prices of the last contracts concluded on each share.
b) In order to facilitate the adaptation of the SGRs-Società di Gestione del Risparmio (Managed Savings’ Companies) to the recent amendments of the Consob Regulation on Issuers - which establish, among other things, the obligation for the funds which involve returns capitalization to use benchmarks which anticipate the reinvestment of the dividends -, the S&P/MIB, MIBTEL, MIB-R, MIDEX, All Stars, STAR and techSTAR indexes will also be disseminated in the total return version once a day at the end of the trading session. These indexes provide that the dividends detached should be reinvested in the index itself: therefore, in coincidence with the coupon detachment dates, they will have a daily return greater than that of the corresponding price indexes, while during the sessions when coupon detachment does not take place, the returns will be identical.
Milan, Italy, 4 August 2005
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