MIV (Market for Investment Vehicles) is Borsa Italiana's regulated market created with the scope to provide capital, liquidity and visibility to investment vehicles with a clear strategic vision.
With its effective and flexible regulatory framework, MIV is able to accommodate many types of vehicles, including but not limited to:
- Investment companies and real estate investment companies;
- Private equity funds;
- Closed-end real estate funds;
- Special Purpose Acquisition Companies (SPACs);
- Specialised funds, multi-strategy funds, funds of funds.
MIV is open to retail and professional investors.
The market has been divided into four key segments to reflect the different instrument types:
- Closed-end funds segment, where the units of closed-end securities and real estate funds are traded
- Investment companies segment, where shares of investment companies are traded
- Real Estate Investment Companies segment, where shares of the REICs are traded
- Professional Segment, where Special Investment Vehicles (SIV) and companies whose investment policy does not provide for an adequate degree of diversification (i.e. SPACs) or companies whose investment policy is particularly complex (i.e. multi-strategy funds) are traded.
Trading on MIV takes place on the same platform as the main market (MTA) and the other principle markets of the London Stock Exchange Group. The trading hours are the same as those of the Main Market and the securities are traded continuously throughout the day.
The majority of members connected to MTA are also connected to MIV (almost 50% are foreign), thus the wide and varied pool of investors that have access to MTA have also access to MIV.