The new microFIB derivative based on the main benchmark index of Borsa Italiana becomes more affordable to trade, with a multiplier down to 0,2 euros

Oct 20 2020 - 17:30

On October 19th Borsa Italiana has launched the micro FTSE MIB future (microFIB). The microFIB is a new derivative product based on the underlying FTSE MIB index developed by Borsa Italiana for small investors.

The FTSE MIB, the main benchmark index for the Italian stock market which represents approximately 80% of domestic market capitalization, now meets the needs of the retail community. The microFIB is based on the underlying FTSE MIB index and thus allows to invest on the index which represents the 40 most liquid and capitalized shares within the Italian market, with a limited monetary commitment compared to similar instruments, via a simple click.


MicroFIB; miniFIB and FIB: a comparison

The new microFIB is similar to the FIB (FTSE MIB Future) and miniFIB (Mini FTSE MIB Future), since all three futures are based on the same underlying index, with the only difference of their size. This new product confirms Borsa Italiana’s commitment towards small and non-professional investors.

The microFIB is also expressed in index points, and the value associated to 1 index point represents the only significant difference with FIB and miniFIB. 

For each index point of the FTSE MIB, the FIB assigns a value of 5 euros, the miniFIB 1 euro and now the microFIB 0,2 euros. The design of the microFIB has taken into account the same principle which had previously been used for the miniFIB contract, which is worth one fifth of the FIB. The microFIB is indeed worth one-fifth of the miniFIB and, thus, a twenty-fifth of the FIB.


MicroFIB, miniFIB and FIB: an example

If the benchmark index of Borsa Italiana, the FTSE MIB, is worth 20,000 points, the FIB contract has a value of 100,000 euros (5 euros per 20,000 points), whilst the miniFIB contract is worth 20,000 (1 euro per 20,000 points) and the microFIB contract’s value is down to 4,000 (0,2 euros per 20,000 points): a size which is significantly more affordable for small investors.


MicroFIB’s trading hours

The Micro Futures is traded on the IDEM market of Borsa Italiana from 8am to 10pm. The same trading hours apply to the FIB and miniFIB. MicroFIB, too, benefits from the levels of guarantee and protection offered by a regulated market, thus, similarly to any other product traded on IDEM, a Clearing House (CC&G) guarantees the contract execution.

The Micro Future on the FTSE MIB allows to invest on the index which represents the 40 most liquid and capitalized shares within the Italian market, with a limited monetary commitment, via a simple click.

For more information please read the contract specifications of the microFIB.

Nicolas Bertrand, Head of Derivatives Markets: "Thanks to the launch of the microFIB we enrich the range of futures on the FTSE MIB index of Borsa Italiana with a product which has been tailor made for private investors: the new contract of the IDEM market has a value of 20 euro cents per index point, approximately 4,000 euros. Besides meeting the demand of the online trading industry, the microFIB will benefit from liquidity support by four market makers.”

Marco Polito, CC&G CEO and General Manager: “CC&G is delighted to work with IDEM, Borsa Italiana’s derivatives market, by offering its service on the Micro Futures of the FTSE MIB index. CC&G efficient and flexible clearing system will allow for netting of Micro Futures with Futures and Mini Futures contracts, both for risk management offsetting and position keeping optimization.”    

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