This section enables intermediaries to have a brief insight of:

- Membership;
- Trading and Orders;
- Settlement.

a) Membership

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 special section for the relevant documentation.

Click here to have a look at the ATFund Members

b) Trading and Orders

ATFund market trading hours take place from 8:00 am to 11:00 am (Auction).

Appointed Intermediaries are required to enter named orders and to cover  the difference between between buy and sell quantity orders, during the last five minutes (10:55 to 11:00 am).

During trading hours only market orders are allowed - Good Till Day (GTD)expressed in quantity, i.e. number of share/unit only.

Trading platform shall show automatically a “conventional” price of €1. All orders entered with a price will be automatically rejected.

The buy and sell orders, entered by all market participants, shall be automatically ranked on the book according to the entry time priority, The time priority shall be lost if any order modification will apply, including the simply variation inquantity.

Issuer shall send the Net Asset value (NAV) – in Euro currency – for the relevant open-end funds by 5:00 pm of the day following the trading day (T+1)

modalità di negoziazione

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

Trading method

Contracts shall be concluded at the Net Asset Value (NAV) of the quote/share of the open-end funds on the day of trading (T) and notified by the issuer on the day after (T+1)

c) Settlement

All contracts on the ATFund market are settled by Euronext Securities Services Milan, the Italian Central Securities Depositary (CSD) for Borsa Italiana markets, and they are not cleared by any Central Counterparty (CCP) System.


The Exchange accepts no responsability for the content of the website you are now accessing or for any reliance placed by you or any person on the information contained on it.

By allowing this link the Exchange does not intend in any country, directly or indirectly, to solicit business or offer any securities to any person.

You will be redirected in five seconds.