New pre-trade controls

The maximum quantity and countervalue of the financial instruments in an order referred to in Article 4.3.2, paragraph 11, of the Rules are set out in the following table:

Instrument

Maximum quantity of orders

Maximum countervalue of orders (€)

Maximum number RFQs and negotiated transactions

Maximum countervalue of RFQs and negotiated transactions (€)

Indexed ETFs, class 1

50* EMS

50,000,000

120* EMS

120,000,000

Actively managed ETFs, class 1 and class 3

50* EMS

50,000,000

120* EMS

120,000,000

Indexed ETFs, class 2

25* EMS

25,000,000

60* EMS

60,000,000

Structured ETFs

25* EMS

25,000,000

60* EMS

60,000,000

Actively managed ETFs, class 2

25* EMS

25,000,000

60* EMS

60,000,000

ETCs/ETNs 

25* EMS

25,000,000

60* EMS

60,000,000

Open end funds

50* EMS

50,000,000

n.a.

n.a.

Borsa Italiana shall calculate and publish on its website, the quantity, defined as number of financial instruments, with reference to each instrument (EMS – Exchange Market Size). Please see in the below file the EMS for all the instruments listed on ETFplus.

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