MTA is the leading Italian Equity Market dedicated to mid and large size companies that meet the best international standards. MTA supports companies in raising domestic and international financing from professional and retail investors and it is one of the most liquid cash equities markets in Europe.
In effect, MTA is ranked #1 in Europe for turnover velocity.
- STAR is the segment of MTA dedicated to midsize companies who are leaders in their industry and represent Italy’s economic diversity and strong competitiveness.
- MTA International is the segment of MTA dedicated to the trading of shares of non Italian issuers already listed in other EU regulated markets.
MTA International enables fully fungible trading of some of the most liquid shares in the Eurozone, whilst benefiting from Borsa Italiana’s efficient and cost-competitive trading and post-trading infrastructure.
Companies are admitted to MTA on the basis of both formal and substantial requirements.
STAR segment (MTA)
STAR is the market segment of Borsa Italiana’s equity market (MTA) dedicated to midsize companies with a capitalization of less than 1 billion euros and who voluntarily adhere to and comply with the following strict requirements:
• High transparency and high disclosure requirements
• High liquidity (minimum 35% of free float)
• Corporate Governance in line with international standards, i.e. a set of rules that determine the company’s management
Italian and foreign institutional investors, as well as private investors, appreciate the high quality of the STAR segment. The companies listed on the STAR segment are leaders in their industry and they represent Italy’s economic diversity and strong competitiveness.
As of March 31, 2013, the 66 companies listed on the STAR segment represented 26% of Borsa Italiana MTA listed companies.
MTA International segment (MTA)
The MTA International is the segment within Borsa Italiana’s MTA regulated equity market dedicated to the trading of shares of non-Italian issuers already listed in other EU regulated markets.
The segment enables some of the most liquid shares in the Euro area to trade on MTA, whilst benefiting from Borsa Italiana’s efficient and cost-competitive trading and post-trading infrastructure.
The main features of MTA International are:
- In the segment are eligible for admission, without the requirement to publish a prospectus, shares that have been listed on another European regulated market for at least 18 months. Admission to trading on MTA International may be requested by any of Borsa Italiana’s market intermediaries, by an issuer or by Borsa Italiana itself.
- Trading phases and hours on MTA International are the same as for the blue-chip segment of the MTA market (with the exception of the after hours session).
- Provision has been made for the possible intervention of trading specialists willing to display continuous bid and offer prices.
- Contracts concluded on the new segment are guaranteed by CC&G’s Central Counterparty, routed through the RRG daily trade-checking service and settled by Monte Titoli, in a similar way to the other contracts currently concluded on the MTA market.
- The settlement calendar used is that of the TARGET European payment system; provision has been made for the settlement time limit to differ from T+3, in order to align it to the European market where the financial instrument has its main listing.
- MTA International does not provide for the trading of any rights associated with corporate actions carried out by issuers whose shares are traded in the segment and no adjustment is made to the reference price of the shares concerned when dividends are paid or corporate actions are carried out.
- Shares traded on the MTA International segment are not included in any of Borsa Italiana's indices or indices underlying derivative instruments.