MIV (Market for Investment Vehicles) is the regulated market of Borsa Italiana created with the scope to provide capital, liquidity and visibility to investment vehicles with a clear strategic vision. MIV is open to retail and professional investors (with the exception of the Professional Segment which is open to professional investors only).
Companies listed in the Professional Segment are characterized by a limited or absent diversification of assets such as SPACs (Special Purpose Acquisition Companies) or/and companies with a “complex” investment policy such as multi-strategy funds.
Since the market regulation changes, the market is now divided into four key segments to reflect the varying 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 not conforming to 4.6.2 of the regulation (minimum obligation of spread of risk in investments) are traded.