Borsa Italiana - Global Equity Market

Borsa Italiana - Global Equity Market

Borsa Italiana Global Equity Market

Borsa Italiana Global Equity Market is the new segment within Borsa Italiana Equity MTF dedicated to the trading of shares of non-Italian issuers already listed on other EU regulated markets.

The segment enables to trade on Bit GEM some of the most liquid shares in the Euro-area interchangeably with their primary market, but benefiting from Borsa Italiana’s efficient and cost-competitive trading and post-trading infrastructure.

The main features of Global Equity Market 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 Global Equity Market may be requested by any of Borsa Italiana’s market intermediaries, by an issuer or by Borsa Italiana itself
  • admission of financial instruments on Global Equity Market will be announced in a Notice, which will specify the trading start date and other relevant details
  • a dedicated procedure of admission and specific disclosure obligations (both initial and ongoing) for the care of the applicant;
  • trading phases and hours on Global Equity Market are the same as for 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, sent to  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;
  • Global Equity Market 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 Global Equity Market segment are not included in any of Borsa Italiana's indices or indices underlying derivative instruments.

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