Borsa Italiana

Borsa Italiana S.p.A., based in Milan, is Italy's only stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.[2]

Following exchange privatisation in 1997, the Company was established and became effective since 2 January 1998.[3] It is now a subsidiary of the London Stock Exchange Group plc since 23 June 2007.[4]

In 2015, overall capitalisation for listed company on Borsa Italiana was worth €567.2 billion, representing 34.8% of Italian GDP.[5]

Borsa Italiana is also informally known as Piazza Affari ("Business Square"), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located.

Borsa Italiana is chaired by Andrea Sironi while Raffaele Jerusalmi serves as CEO. The two, moreover, members of the Board of Directors of London Stock Exchange Group.[6]

Borsa Italiana is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), an agency of the Ministry of Economy and Finance, based in Rome.

Borsa italia
Borsa Italiana logo
Palazzo mezzanotte Milan Stock Exchange
TypeStock exchange
LocationMilan, Italy
Founded1808
OwnerLondon Stock Exchange Group
Key peopleAndrea Sironi (Chairman)
Raffaele Jerusalmi (CEO)
CurrencyEUR
No. of listings353
Market capEUR[1] (2017) € billion 2,370.00 ($ billion 2,960.00)
VolumeUS$738 billion
IndicesFTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia
WebsiteOfficial website

History

The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[7] It operated under public ownership until 1998, when it was privatized.[8] In Italy until 1997 operated also other smaller stocks exchanges based in several cities of Italy such as Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, Naples, and Palermo. In 1991 the electronic exchanges were approved and in 1994 the market with grida (A,B,C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing. [9]

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,[10] thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.[11]

Operations

Borsa Italiana acts as a market management firm operating with autonomy and flexibility. It organises and manages the domestic stock market along with Italian and international brokers through fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.[12]

Trading hours

The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:30pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[13]

Markets

Major trading markets for Borsa Italiana are:

  • MTA, the leading equity market, which is devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, and MTA International, on which shares from non-Italian issuers already listed on other European markets are traded;[14]
  • AIM Italia, which collects stocks by small and medium high-growth companies;[15]
  • MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;[16]

Borsa Italiana also include markets for derivatives (IDEM),[17] ETF (ETFPlus) and bonds (MOT).[18]

Indices

Borsa Italiana's main indices are:[19]

  • FTSE Italia All Share
  • FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009[20]
  • FTSE Italia Mid Cap
  • FTSE Italia Small Cap

Listed companies

For a full list see Category:Companies listed on the Borsa Italiana.

See also

References

Notes

  1. ^ "Borsa in tempo reale - Listino completo - Milanofinanza.it". www.milanofinanza.it. Retrieved 4 April 2018.
  2. ^ italy24.ilsole4ore.com, "Borsa Italiana"
  3. ^ source sense.com, "Borsa Italiana"
  4. ^ news.bbc.co.uk, "London Stock Exchange Buys Borsa"
  5. ^ borsaitaliana.it, "2015 Highlights"
  6. ^ lseg.com, "Board"
  7. ^ www.historytour.it, "History Tour – Borsa Italiana"
  8. ^ "Historical Stages". Borsa Italiana.
  9. ^ "24 dicembre 1802: viene istituita la Borsa Valori di Roma -". parmadaily.it. 24 December 2016. Retrieved 4 April 2018.
  10. ^ "Borsa Italiana and London Stock Exchange Combine (archived 20.11.2007)". Archived from the original on November 20, 2007.
  11. ^ competitionpolicyinternational.com, "EU: LSE and Deutsche Börse officially announce merger"
  12. ^ borsaitaliana.it, "EU: LSE and Deutsche Börse officially announce merger"
  13. ^ Market Hours, Italian Stock Exchange via Wikinvest
  14. ^ lseg.com, "MTA "
  15. ^ lseg.com, "AIM Italia"
  16. ^ lseg.com, "MIV: Trading "
  17. ^ lseg.com, 'IDEM Equity "
  18. ^ lseg.com, "MOT "
  19. ^ borsaitaliana.it, "Gli indici"
  20. ^ strategystocks.co.uk, "Milan Stock Exchange: The Italian Index "

External links

Cliente

Azimut Holding

Azimut Holding is an Italian asset management company, based in Milan, Italy, with branches in Australia, Brazil, China, Ireland, Luxembourg, Mexico, Singapore, Taiwan, and the United States. Traded on the Borsa Italiana, the company is specialized in investment management aimed at private and institutional clients.

Banca Finnat

Banca Finnat is a company that provides investment services to institutional, private and corporate customers; it is listed on the Italian Stock Exchange. The Bank’s origins date back to 1898, when the company was founded by the Nattino family, initially as a finance company. Banca Finnat then became a brokerage company,a real estate brokerage company and lastly, since 12 February 1998, an intermediary bank. Banca Finnat is today listed in the STAR section of the Borsa Italiana-London Stock Exchange.

Banca Generali

Banca Generali S.p.A. is an Italian bank of Generali Group. Generali via Generali Italia (33.575%), Alleanza Assicurazioni (2.442%), Genertellife (4.900%), Genertel (0.442%) and Generali Vie S.A. (9.670%), owned 51.029% stake of the bank. In April 2018, Banca Generali won Global Brands Awards organized by Global Brands Magazine.The bank was a component of FTSE MIB index, representing the blue-chip of Borsa Italiana. In September 2018, Banca Generali inaugurated new headquarters in Citylife.

Banca IMI

Banca IMI is a subsidiary of Intesa Sanpaolo which is specialized in investment banking and capital markets. The bank can trace its origins to the Istituto Mobiliare Italiano. IMI merged with Istituto Bancario San Paolo di Torino to form Sanpaolo IMI in 1998 (through which a new subsidiary of the new group Banca d'Intermediazione Mobiliare was created ), which in turn merged with Banca Intesa in January 2007. In October Banca IMI (as Banca d'Intermediazione Mobiliare IMI S.p.A.) absorbed the corresponding subsidiary of Intesa: Banca Caboto to become the new Banca IMI S.p.A..

Banca Intermobiliare

Banca Intermobiliare di Investimenti e Gestioni S.p.A. known as Banca Intermobiliare or just BIM is a Turin-based wealth management bank.

Banca Mediolanum

Banca Mediolanum S.p.A. is an Italian bank, insurance and asset management conglomerate which is the parent company of Gruppo Mediolanum (Mediolanum Group).

The bank is listed on the Borsa Italiana and is a constituent of the FTSE MIB index from the end of 2015 when it incorporated it parent company Mediolanum S.p.A..

Mediolanum Group was founded by Ennio Doris, the current second largest shareholders of the conglomerate. The conglomerate provided asset management, banking, insurances services to customers in Italy, Spain (as Banco Mediolanum and Fibanc) and Monaco (Bankhaus August Lenz & Co.)

Despite being ranked sixth by market capitalization among financial services companies (behind Intesa Sanpaolo, UniCredit, Assicurazioni Generali, UnipolSai and Mediobanca in 2016), the conglomerate (Mediolanum S.p.A.) was ranked 13th by total assets among bank (2014 data), as well as much smaller in size by risk-weighed assets, thus the conglomerate (Mediolanum S.p.A nor Banca Mediolanum) was not included in the Single Supervisory Mechanism. However, after Banca Mediolanum reversed the merger with Mediolanum, the European Central Bank started a comprehensive assessment to assess the conglomerate and decided the conglomerate would not be included. Eventually, Banca Mediolanum remained as a less-significant bank, which would not be supervised by the European Central Bank directly.The current CEO of the company was Massimo Antonio Doris.

Banca Popolare di Sondrio

Banca Popolare di Sondrio S.C.p.A. (BPSO) is an Italian bank based in Sondrio, Lombardy. The company was included in FTSE Italia Mid Cap Index.

Banco di Desio e della Brianza

Banco di Desio e Brianza SpA is an Italian bank with headquarters in Desio (MB). It works basically in the north of Italy but also in other regions like Lazio, Veneto and Tuscany.

It offers online services in addition to physical location access.Founded in 1909 by engineer Egidio Gavazzi took the name Banco Desio in 1926. Incorporating the Bank of Brianza in 1967 increased presence on the Italian markets, bringing it to 21 branches. In 1995 it was listed on the Milan Stock Exchange. As at April 12, 2012 it was the seventeenth largest publicly held Italian bank in terms of market capitalization.As of September 2015 it was included in FTSE Italia Mid Cap Index.

Brembo

Brembo S.p.A. is an Italian manufacturer of automotive brake systems, especially for high-performance cars and motorcycles based in Bergamo, near Milan.

CNH Industrial

CNH Industrial N.V. is one of the world's largest capital goods companies, registered in the Netherlands with corporate offices in London. It is financially controlled by the investment company Exor, which in turn is controlled by the Agnelli family. The company is listed on the New York Stock Exchange and on Borsa Italiana: it is a constituent of the FTSE MIB index. Through its various businesses, CNH Industrial designs, produces, and sells agricultural equipment and construction equipment (Case and New Holland brand families), trucks, commercial vehicles, buses, and special vehicles (Iveco), in addition to powertrains for industrial and marine applications (FPT Industrial). Present in all major markets worldwide, CNH Industrial is focused on expanding its presence in high-growth markets, including through joint ventures. CNH Industrial currently employs more than 63,000 people in 66 manufacturing plants and 53 research and development centers. The company operates across 180 countries.

Cairo Communication

Cairo Communication S.p.A. is an Italian media and publishing company based in Milan. The shares of the company float in Borsa Italiana. Urbano Cairo, via UT Communications, UT Belgium Holding, owned 50.101% stake of the company. In turn Cairo Communication owned 59.693% stake of fellow media company RCS MediaGroup, which was acquired in 2016.

Credito Emiliano

Credito Emiliano S.p.A. (Credem) is an Italian bank based in Reggio Emilia, Emilia-Romagna. The company is a component of FTSE Italia Mid Cap Index .

According to a research by Mediobanca, Credito Emiliano was ranked the 14th largest bank in Italy by total assets as of 31 December 2015, despite several banking group were omitted in the research. If omitting central banks, postal savings and subsidiaries of foreign banking groups, the bank was ranked 10th, (9th among retail and commercial conglomerates if omitting investment banks and insurance-bank conglomerates of Italy such as Banca Mediolanum and Mediobanca). Due to its size, the bank was supervised by European Central Bank directly, as part of the Single Supervisory Mechanism (as 1 of the 14 Italian banking groups).The company also had several internal divisions: Credem Banca (retail banking), Credem Banca d'Impresa (corporate banking) and Credem Private Banking.

Credito Valtellinese

Credito Valtellinese (Creval) is an Italian bank based in Sondrio, Lombardy, Italy. The company was a former component of FTSE Italia Mid Cap Index of the Borsa Italiana (Milan Stock Exchange), but was removed and added as a component of FTSE Italia Small Cap Index in May 2017; the bank was added back to the reserve list of FTSE Italia Mid Cap in August 2017.The bank is named after the area Valtellina. The bank had 363 branches in Northern Italy (as Credito Valtellinese), 40 branches in Marche and Umbria (former Carifano), and 133 branches in Sicily (as Credito Siciliano). Credito Siciliano had three more branches outside the island of Sicily.

It had a market share of 32% in Sondrio. However, only 2.9% in whole Lombardy region in terms of deposits, as of 30 June 2014, as well as only 1.7% in terms of branches as the 10th of Italy.

Exor (company)

Exor N.V. is a holding company, incorporated in the Netherlands and controlled by the Italian Agnelli family. It has a capitalization of nearly $24 billion USD, with a history of investments running over a century. Its most important investments include Fiat Chrysler Automobiles, PartnerRe, Ferrari, CNH Industrial, Juventus and The Economist. It is the 19th largest group in the world, according to the 2017 Fortune Global 500 List.

Fastweb (telecommunications company)

Fastweb S.p.A. is an Italian telecommunications company that provides landline, broadband Internet and IPTV services. Fastweb is also one of the prominent companies in Italy providing FTTH connections. Fastweb is fully owned by the Swiss telecommunication company Swisscom.

In May 2007, Swisscom paid 3 billion euros for 82.4% of Fastweb. Swisscom subsequently bought out the minority shareholders after making a voluntary tender offer in September 2010. Therefore, Fastweb has been delisted from Borsa Italiana.

FinecoBank

FinecoBank Banca Fineco S.p.A., known as FinecoBank or just Fineco is an Italian financial service company that specialize in online brokerage. Launched in 1999, the bank was a subsidiary of Banca Popolare di Brescia (Bipop) and then Bipop Carire, Capitalia and UniCredit banking groups. It became a listed company in 2014 and no longer part of UniCredit banking group since 2019.

FinecoBank is a constituent of FTSE MIB (since 2016), the blue chip index of the Borsa Italiana.

GEDI Gruppo Editoriale

GEDI Gruppo Editoriale S.p.A., formerly known as Gruppo Editoriale L'Espresso S.p.A. is an Italian media conglomerate, founded in 1955, based in Rome, Italy and listed on the Borsa Italiana (Italian Stock Exchange).

Snam

Snam S.p.A. is an Italian natural gas infrastructure company.

As of 31 December 2017, it had a market capitalization of €13.953 billion.

Snam was originally a subsidiary of Italian energy company Eni.

It has since become an independent company, whose largest shareholder is CDP Reti, a holding company controlled by the Italian state.

The utility operates in Italy and, through associated companies, in Austria, France and the United Kingdom.

Snam is one of Europe's main regulated gas companies - leading Italy in gas transport and storage, while ranking third in regasification.

Its main peers, in the regulated gas and electricity sectors in Italy and in Europe, are:

Terna (Italy): the main grid owner, responsible for high voltage electricity transmission and dispatching nationwide

Enagas (Spain): Technical Manager of the Spanish gas System and the main carrier of natural gas

REE - Red Eléctrica de España (Spain): manages the transmission grid and acts as sole transmission agent; it is also the System Operator

National Grid (UK): operates in the regulated businesses of transmission and distribution of electricity and gas mainly in the UK and northeastern US

UnipolSai

UnipolSai Assicurazioni S.p.A. is an Italian financial services company based in Bologna and founded in 2014. It was part of Unipol Group.

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