Borsa Italiana (Milan)

Borsa Italiana, the primary Italian equities exchange, is a member of the London Stock Exchange Group.

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Currency: Euro (EUR)

Trading Calendar & Hours

Borsa Italiana uses the Millennium IT platform for its equity cash markets.

• Limit Buy/Sell→ShortSell (Day/IOC)
• Market Buy/Sell→ShortSell (Day)

• Lot Size: 1 share.
• Tick Size: varies by price, as follows (for more information, see the Millennium IT page):

• Short Sale Rules: naked short selling is prohibited; a locate/borrow must be in place.
• Circuit Breakers: Borsa Italiana has automatic controls on trading in place, as described in the Equity Markets Brochure page.
• Note: as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at https://www.esma.europa.eu/.

Borsa Italiana has both Opening and Closing auctions. For more details, see the TRM2 – Millennium Exchange Business Parameters document on the Millennium IT page.

Opening auction (08:00 – 09:00)

• Pre-auction, validation, and opening phase and conclusion of contracts

The closing price is defined by the following auction mechanism.

Auction means an auction conducted in a trading platform in respect to qualifying orders at the auction price pursuant to the following process:

• a) The auction price will be the price at which volume is maximized
• b) If the volume is maximized at multiple prices, the auction price will be at which the order imbalance is minimized. Order imbalance at a particular price will be the difference between the following two quantities:
  • Buy side: aggregate quantity of all market and limit orders having a price greater than or equal to the price being considered
  • Sell side: aggregate quantity of all market and limit orders having a price less than or equal to the price being considered
• c) If the order imbalance is minimized at multiple prices, the concept of market pressure will be used and calculated as follows:
  • If all the prices at which the order imbalance is minimized have a buy imbalance (remaining quantity is on the buy side), the highest price will be used
  • If all the prices at which the order imbalance is minimized have a sell imbalance (remaining quantity is on the sell side), the lowest price will be used
  • If the prices at which the order imbalance is minimized have buy and sell imbalances, then the highest price of the buy imbalances and the lowest of the sell imbalances will be used
• d) If step c) resulted in two prices, then the auction price is determined as follows:
  • If the Static reference price (most recent auction price) is equal to or greater than the highest price, then the highest price is chosen as the auction price
  • If the Static reference price is equal to or less than the lowest price, then the lowest price is chosen as the auction price
  • If the Static reference price is in between the two prices, then the static reference price is chosen as the auction price
• e) Orders will be executed by matching compatible orders of opposite sides entered during the closing call period
• f) Orders will be given price, and then time, priority

Auction Periods

1. Continuous trading (09:00 – 09:00:59 – 17:30)

• Continuous trading occurs
• Orders may be entered, amended, and cancelled

2. Closing auction call (17:30 – 17:35)

• Closing orders may be entered
• No orders will be matched

3. Validation & Closing (17:35 – 17:42)

• Orders will be matched based on price-time priority

Order Types: Limit and Market-on-Close.

• Market Guides