In February 2013, Borsa Italiana launched ExtraMOT Pro, the new Professional Segment of ExtraMOT market dedicated to the listing of bonds, commercial papers and project bonds.
The new segment was created to offer to corporates, especially SMEs, a flexible and cost effective national market through which to take opportunities and tax benefits arising from the new regulatory framework (Decree-Law No. 83/2012).
The regulatory infrastructure of the new segment provides corporates with easy and efficient access to capital markets. The only listing requirements are publishing the annual financial statements for the past two years, the last of which must be audited, and providing an admission document in Italian or in English with some essential information. After admission to listing, it is a requirement to publish audited financial statements, the disclosure of the rating if a public rating is assigned, information concerning any changes in the bond holders’ rights, and any technical information related to the characteristics of the instruments (e.g. payment dates, interest coupons, sinking schedule).
The segment has the same structure of ExtraMOT, but trading is strictly for professional investors. It is possible to have a specialist to support the liquidity of the instrument.
Why companies seek a listing on ExtraMOT Pro?
1) Cost effectiveness: ExtraMOT Pro is the fixed income MTF of Borsa Italiana, managed by a team of Italian professionals which allows corporates and in particular SMEs to benefit from the tax advantages of the new regulatory framework, both through low direct and indirect costs.
2) Flexibility: Borsa Italiana adopts a flexible and streamlined regulatory approach to allow SMEs to shape their own access to the market in a "tailor-made" way.
3) Visibility: Borsa Italiana is the ideal stage for corporates and SMEs to gain visibility among potential investors thanks to its internationally-recognised brand and the wide network of domestic and international intermediaries through which it is connected.