BIt Monthly Flash - April 2007

INDICES
Indices strongly up.  All STARS recorded the highest level ever.

In April, S&P/MIB index closed the month at 43,755 (+4.7% vs. March 2007, +15.8% vs. April 2006), Mibtel at 33,979 (+4.4% vs. March 2007, +15.5% vs. April 2006), Midex at 47,041 points (+4.5% compared to March 2007, +19.9% vs. April 2006) and MIB at 33,087 (+4.5% compared to March 2007, +15.4% vs. April 2006).

All Stars index closed the month recording its highest level ever at 19,451 points (+3.8% compared to March 2007, +15.1% vs. April 2006); Star at 24,240 (+4.5% compared to March 2007 and +19.2% vs. April 2006); TechStar at 13,398 (+2.5% compared to March 2007 and +2.8% vs. April 2006); Mex index of Expandi Market at the end of April amounted to 13,216 points (+5.6% compared to March 2007 and +22.1% vs. April 2006).

CAPITALISATION
Capitalisation increased to € 840 billion, the highest level since November 2000. Capitalisation/GDP ratio is 55%.

Pushed by the growth of share trading and by the new listings, the capitalisation of domestic companies increased to € 840 billion, the highest level since November 2000 (+4.9% vs. March 2007 and +14.5% vs. April 2006). The capitalisation/GDP ratio is 55%.

The number of listed companies at the end of April is 312, following the admission of Aicon (April 4^th) on Star Market, of Servizi Italia on Expandi Market (April 4^th), of Conafi Prestitò on Expandi Market (April 12^th) and the delisting of Gim (merged into Intek on April 2^nd) and of Banca Lombarda (merged into UBI Banca since April 2^nd).

SHARE TRADING
Best month ever for turnover.

In April 2007, the daily average of share trading amounted to € 6.68 billion and 313,197 contracts. It’s the best month ever by turnover.

The ETF trading in April 2007 reached a daily average turnover of € 97.9 million and an average of 4,041 contracts. In the first four months of 2007 the daily average turnover of ETF trading was € 110.5 million and 5,182 contracts, up 56.2% and 36.1% vs. the same period in 2006.

In April, the daily average of Securitised Derivatives trading (CW and Certificates) amounted to € 350.7 million and 19,763 contracts. In the first four months of 2007 the daily average turnover was € 361.0 million and 21,651 contracts, up 50.3% and 24.9% vs. the same period in 2006.

IDEM
Highest record ever for contracts.

IDEM, the Italian derivatives market, achieved on April 16^th the new highest record for standard contracts traded in a day at 437,906. April proved to be the best month ever, with a daily average of 187,821 contracts. The daily average of trading since the beginning of the year is 146,172 with a notional turnover of € 6.23 billion, up 39.7% and 20.5% vs. the first four months of 2006. The main products which led to the growth trend of IDEM are the options on S&P/MIB and the stock options, with a daily average of trading up 40.2% and 28.1% vs. the first four months of 2006.

MOT
Stable transactions

Trading on fixed-income securities achieved a daily average of € 573.4 million and 10.729 contracts.

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