Options Disclosure Document

Options offered at the Mercato Italiano dei Derivati (the Italian Derivatives Market or “IDEM”) have not been registered under the U.S. Securities Act of 1933 (the “Act”) or any state securities law. Neither this session nor the options have been approved or disapproved by the U.S. Securities and Exchange Commission (“SEC”) or any state securities commission. This session is not a solicitation of orders for transactions on the IDEM, nor does it constitute investment advice.

Members of the Borsa Italiana S.p.A. (the “Borsa Italiana”), the entity that organizes and manages the Italian Stock Exchange and its division, and of the IDEM (collectively, the “Exchange”), will be advised that they may execute opening options transactions with or for a person located in the United States only if that person is a Qualified Broker-Dealer or a Qualified Institution, acting for its own account or the accounts of other Qualified Broker-Dealers or Qualified Institutions or the accounts of non-U.S. persons within the meaning of Rule 902(k)(2)(i) of Regulation S under the Act. Appropriate documentation will be required for this purpose.

List of documents

1.    Notice to Intermediaries Regarding Effecting Transactions in Eligible Options for Eligible U.S. Persons

2.    Class no-action relief for foreign options markets and their members that engage in familiarization activities, SEC staff no-action letter

3.    Odd Scheme