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Market Passport

Market information

Supporting you

Key market information

  • Local currency

    Euro
    (EUR)

  • 2017 GDP

    USD
    1,938bn

  • Time zone

    GMT
    +1 hour

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    FTSE MIB

Key market figures

Market capitalisation USD 767bn
Number of listed companies 421
2017 value of share trading UD 754bn
Number of ETFs listed 1,226
2017 value of bonds trading USD 248bn
Number of bonds listed 2,619
Number of futures contracts traded in 2017 13m
Number of options contracts traded in 2017 21m

Local market infrastructures

  Equities Corporate bonds Government bonds Derivatives
Main trading venue Borsa Italiana Borsa Italiana Borsa Italiana – MTS Borsa Italiana
Main clearing venue CC&G (Cassa di Compensazione e Garanzia) CC&G CC&G/LCH.Clearnet SA CC&G
Settlement and custody Monte Titoli – T2S Monte Titoli – T2S Monte Titoli – T2S n/a
Cash leg Central bank (TARGET2 – DCA) Central bank (TARGET2 – DCA) Central bank n/a

Local market authorities and regulators

  • The Commissione Nazionale per le Società e la Borsa (CONSOB) is the public authority responsible for regulating the Italian securities market
  • The Bank of Italy, the Italian central bank, is overseen by the Department of the of Treasury of the Ministry of Economy and Finance

Both CONSOB and the Bank of Italy are the competent authorities for the Italian central counterparty “Cassa di Compensazione and Garanzia” and for the Italian Central Securities Depository “Monte Titoli”.

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities DVP RTS 4.00pm
FOP RTS 6.00pm
Bonds DVP RTS 4.00pm
FOP RTS 6.00pm
Cash 5.00pm
 
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling Yes
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits No
Derivatives
Settlement Cash and physical
Trading cut-off 5.40pm
Clearing cut-off 6.30pm
Tradable currencies EUR
Account structure members Segregated
Account structure non-members Segregated and omnibus
Give-up Yes
Give-up cut-off T+2
Adjustable ITM (In The Money minimum) No
Intra-day margin call Yes
Risk algorithm TIMS
Tolerance limits

EUR 5.

Examples of market penalties

The application of penalties has been suspended since T2S migration in 2015. The reintroduction can be decided with 48 hours notice.

The penalties rates were as follows:

  • For short positions on shares: 1.0 basis point
  • For short positions on bonds: 0.1 basis point
  • For short positions on shares traded on markets dedicated to small and medium size businesses: 0.25 basis points
  • Other securities (ETFs, warrants,...): 0.5 basis points
Buy-in practice for cash equity guaranteed trades

Members will be charged a fixed fee of EUR 1,000 plus a variable fee of 0.1% of the countervalue of the financial instruments purchased through the buy-in agent on each buy-in executed.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Italy

We are the largest depository bank in Italy with a strong commitment to supporting domestic and non‑resident financial intermediaries.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on-exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • General Clearing Member (GCM) services for the domestic exchanges settling both domestically and via the International CSDs
  • Fail coverage and opportunity borrowing
  • Global custody access point
  • Corporate Trust Services for issuers
  • Transfer Agent services for foreign funds distributed in Italy

What makes us different

  • Largest player in Italy in terms of settlement volumes, assets under custody and number of clients which are direct participants in the main domestic exchanges (Borsa Italiana and MTS S.p.A.)
  • First provider to offer alternative operational models in TARGET2-Securities
  • Flexible account set-up at CSD level
  • Close links with domestic market infrastructures (Monte Titoli, CC&G, local exchanges) allowing us to play a leading role in local discussions and bring the point of view of the non-resident community

Selected market recognition

  • Custody Risk Global Awards Custodian of the Year (2017): Winner – Italy
  • Sole top rated custodian in Italy for over 20 years in a row (basis: Global Custodian Agent Banks in Major Markets Survey)

A sound partner

The BNP Paribas Group has been present in Italy since 1967. BNP Paribas Securities Services Italy was created in 1995 and has been constantly growing since then. Today we have more than 500 employees in Milan and settle more than 17 million transactions on a yearly basis. With EUR 829 billion of assets under custody and EUR 205 billion assets under administration (May 2018) BNP Paribas Securities Services is the leading post-trade provider in Italy servicing a diversified client base of domestic and international entities.

Contact

For more information, please contact your relationship manager or
Stefano Catanzaro, General Manager for the Italian Branch
stefano.catanzaro@bnpparibas.com

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