Direct Distribution on SeDeX and Cert-X
Direct Distribution is the primary distribution model for investment certificates that uses the market as the distribution channel, placing the market’s technological infrastructure at the center of the offering process.
What is Direct Distribution
Active on Borsa Italiana’s SeDeX and Cert‑X markets, Direct Distribution is a primary distribution mechanism in which subscriptions take place through the Optiq® trading platform, where:
- The market acts as the operational distribution channel
- Intermediaries leverage infrastructures and systems already integrated with standard trading operations
- The transition from the placement phase to secondary market trading occurs in a seamless and efficient manner
How Direct Distribution Works
The main features of the offering, such as the placement period, fixed price, and settlement date, are set out in the offering conditions. During the distribution period:
- The assigned intermediary enters sell orders at a fixed price, equal to the offer price
- Market participants subscribe by submitting market buy orders
Settlement and Admission to Trading
All contracts executed during the distribution period:
- Are temporaneally recorded until the closing of the offering, pending final confirmation
- Provide for a single settlement date, as defined in the final terms
At the end of the distribution period:
- Executed transactions are settled
- Settlement takes place according to standard post‑trading procedures
- The certificate is admitted to trading on the SeDeX or Cert‑X secondary market