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borsaitaliana [2017/08/08 11:55] – [Borsa Italiana] mayaborsaitaliana [2023/02/27 11:59] (current) – hammed
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 Currency: Euro (EUR) Currency: Euro (EUR)
  
-[[http://www.borsaitaliana.it/borsaitaliana/calendario-e-orari-di-negoziazione/calendario-borsa-orari-di-negoziazione.en.htm | Trading Calendar & Hours ]]+[[https://www.borsaitaliana.it/borsaitaliana/calendario-e-orari-di-negoziazione/tradingcalendar-2023_pdf.htm | Trading Calendar & Hours ]] 
 ===== Trading Summary ===== ===== Trading Summary =====
 +
 Borsa Italiana uses the Millennium IT platform for its equity cash markets. Borsa Italiana uses the Millennium IT platform for its equity cash markets.
  
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   * Market Buy/Sell→ShortSell (Day)   * Market Buy/Sell→ShortSell (Day)
  
- +**Please Note**: Market Orders are disabled during the Opening Auction call, Re-Opening Auction Call and Closing Auction call for symbols in certain segments. The detailed rules are written in the official [[https://www.borsaitaliana.it/borsaitaliana/gestione-mercati/migrazionemillenniumit-mit/mit201guidetonewtradingsystemissue153_pdf.htm|MIT201 guide]], **and** the "Trading Parameters" sheet in the {{ :trm2millenniumexchangebusinessparameters.xls |attached Excel file}}.
 ==== Basic Market Rules ==== ==== Basic Market Rules ====
 +
   * Lot Size: 1 share.   * Lot Size: 1 share.
   * Tick Size: varies by price, as follows (for more information, see the [[http://www.borsaitaliana.it/borsaitaliana/gestione-mercati/migrazionemillenniumit-mit/millenniumitmigration.en.htm | Millennium IT]] page):   * Tick Size: varies by price, as follows (for more information, see the [[http://www.borsaitaliana.it/borsaitaliana/gestione-mercati/migrazionemillenniumit-mit/millenniumitmigration.en.htm | Millennium IT]] page):
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   * Short Sale Rules: naked short selling is prohibited; a locate/borrow must be in place.   * 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 [[http://www.borsaitaliana.it/azioni/mercati/mta/brochureequitymarkets.en_pdf.htm | Equity Markets Brochure]] page.   * Circuit Breakers: Borsa Italiana has automatic controls on trading in place, as described in the [[http://www.borsaitaliana.it/azioni/mercati/mta/brochureequitymarkets.en_pdf.htm | 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/.
 ==== Auction Mechanisms ==== ==== Auction Mechanisms ====
 +
 Borsa Italiana has both Opening and Closing auctions. For more details, see the TRM2 - Millennium Exchange Business Parameters document on the [[http://www.borsaitaliana.it/borsaitaliana/gestione-mercati/migrazionemillenniumit-mit/millenniumitmigration.en.htm | Millennium IT]] page. Borsa Italiana has both Opening and Closing auctions. For more details, see the TRM2 - Millennium Exchange Business Parameters document on the [[http://www.borsaitaliana.it/borsaitaliana/gestione-mercati/migrazionemillenniumit-mit/millenniumitmigration.en.htm | Millennium IT]] page.
 +
 === Open === === Open ===
  
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 **Auction Periods** **Auction Periods**
  
-1. **Continuous trading** (09:00 - 09:00:59  -  17:30)+1. **Continuous trading** (09:00 - 09:00:59 - 17:30)
   * Continuous trading occurs   * Continuous trading occurs
   * Orders may be entered, amended, and cancelled   * Orders may be entered, amended, and cancelled
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 **Order Types:** Limit and Market-on-Close. **Order Types:** Limit and Market-on-Close.
 +
 ===== See Also ===== ===== See Also =====
   * [[market_guides|Market Guides]]   * [[market_guides|Market Guides]]
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borsaitaliana.1502207754.txt.gz · Last modified: 2017/08/08 11:55 by maya