MTA

 

The market segment of Borsa Italiana’s Equity Market (MTA) dedicated to midsize companies with a capitalisation of less than 1 billion Euros.

MTA (Mercato Telematico Azionario) is the Italian Market where shares, convertible bonds, warrants and option rights are traded. It is dedicated to mid and large-size companies that meet the highest international standards.

MTA supports companies in raising domestic and international financing from institutional and professional investors on the one hand, and from retail investors on the other. It has always registered high liquidity performances.

Companies are admitted to MTA according to both formal and substantial requirements.

Among the formal requirements, a capitalisation of at least 40 million euros and a free float of at least 25% (35% for STAR companies) are required.

The substantial requirements also include having a sound and clear strategy, a good competitive advantage, a balanced financial structure, the management autonomy and all of the aspects, which contribute to improving the company’s ability to create value for the investors.

The adoption of the so-called Codice di Autodisciplina (Corporate Governance Code) is recommended to all companies listed on MTA on a “comply or explain” basis. STAR companies are requested to comply with specific governance requirements.

Click here to be redirected to Borsa Italiana website and discover the companies listed on MTA.

MTA (together with MIV) is represented by the following indices.

  • FTSE Italia All Shares
  • FTSE MIB, FTSE Italia Mid Cap, FTSE Italia Small Cap, FTSE Italia Micro Cap
  • Sectorial indices
  • FTSE Italia STAR, which only represents companies belonging to STAR

The FTSE Italia Index Series was created to represent the performance of Italian companies listed on MTA in order to supply investors with a complete and complementary set of indices, which measure the performance of the main market segments and industrial sectors of the Italian market.

 

FTSE   MIB
 

The FTSE MIB Index consists of the 40 most liquid and capitalised stocks listed on Borsa Italiana's (BIt) MTA and MIV markets, selected according to a metric based on size and liquidity. Capturing approximately 80% of the domestic market capitalisation, the Index is the underlying of IDEM futures, mini-futures and options, as well as ETFs and SEDEX covered warrants and certificates.

FTSE   Italia Mid Cap
 

This index consists of the top 60 shares ranked by company full market capitalisation outside the FTSE MIB Index which qualify after the application of the liquidity and free floats screens. Foreign companies and secondary lines are not eligible for inclusion.

FTSE   Italia Small Cap
 

This index captures the performance of small shares outside the FTSE MIB Index and FTSE Italia Mid Cap Index which qualify after the application of the liquidity and free floats screens. Foreign companies and secondary lines are not eligible for inclusion.

FTSE   Italia Micro Cap
 

All shares whose market capitalisation is below the smaller of the FTSE MIB constituents which are not in the FTSE Italia All-Share Index because they fail to pass the liquidity screen are eligible for inclusion in the FTSE Italia Micro Cap Index.

FTSE   Italia All– Share
 

This index comprises of all constituents in the FTSE MIB, FTSE Italia Mid Cap and FTSE Italia Small Cap indices.

FTSE   Italia STAR
 

All shares listed in the STAR segment of MTA market are eligible for inclusion in the FTSE Italian STAR Index. Differently from other indices, dual class  shares, foreign shares and shares that do not pass the liquidity screen are also eligible for inclusion.

The FTSE Italia Index Series involve also the FTSE AIM Italia Index, that includes all the shares negotiated on AIM Italia-Mercato Alternativo del Capitale.