This section enables intermediaries to have a brief insight of:

- Membership;
- Trading and Orders;
- Settlement.


The ATFund Rules disciplines the participation criteria of the intermediaries in the markets, defining how they can directly access in the trading activity and the minimum requirements.

For further details about the membership procedure, please visit the specifically dedicated section for the relevant documentation.

Click here to have a look at the ATFund Members

Trading and Orders

ATFund market trading hours take place from 07:30 a.m. to 6:35 p.m. CET supporting the following trading phases:

  • Order-Accumulation Phase, during which the Market intermediary can entry orders to the Euronext NAV Trading Facilities for the current trading session. This Phase ends at each day at the Cut-Off Time (10:40 a.m.).
  • Confirmation-Only Phase, during which the Appointed intermediary accepts or rejects pending orders by 11:10 a.m. of each trading day;
  • Execution-Price Entry Phase, during which the Appointed intermediary submits on behalf of the Issuer to the Euronext NAV Trading Facility the Execution Price (i.e., the Net Asset Value - NAV) of the Open-Ended CIUs for which it acts as an Appointed intermediary. This Phase ends at the Execution Time (T+2 by 3:00 p.m.), that corresponds to the predefined hour where TCS, based on the last NAV, will trigger the matching of the orders that were previously pre-match by the Appointed Intermediary.

Trading shall take place only on days when the issuer is required to calculate the Net Asset Value (NAV) of the quote/share.


All contracts on the ATFund market, valued at NAV, are settled on the day following their execution (T+3), by Euronext Securities Services Milan, the Italian Central Securities Depositary (CSD) for Borsa Italiana markets, and are not cleared by any Central Counterparty (CCP) System.

Buy-in and Sell-out notification forms

Download the Buy-in notification forms:
Download the Sell-out notification forms:
For more information on the microstructure of the ATFund market, please refer to the Market Rules published on Borsa Italiana website with Notice No. 9356 of March 14th, 2023.

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