Borsa Italiana

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Borsa italiana
Palazzo mezzanotte2.jpg
Type Stock exchange
Location Milan, Italy
Founded 1808; 212 years ago (1808)
Owner London Stock Exchange Group
Key people Massimo Tononi (Chairman)
Raffaele Jerusalmi (CEO)
Currency EUR
No. of listings 353
Market cap US$645 billion
Volume US$738 billion
Indices FTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE Italia Micro Cap

The Borsa Italiana S.p.A., based in Milan, is Italy's main stock exchange. It was privatised in 1997 and is a part of the London Stock Exchange Group plc since 2007. In 2005, the companies listed on the Borsa were worth US$890 billion. It is also informally known as Piazza Affari ("Business Square"), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located.


The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[1] It operated under public ownership until 1998.[2]

It was sold to a consortium of banks, and operated under a joint-stock holding company between 2 January 1998 and on 1 October 2007, when it was merged with the London Stock Exchange in an all-share takeover.[3]


Borsa Italiana has managing responsibility for Italy's derivatives markets (IDEM and MIF) and its fixed income market (MOT). On the MOT (Electronic Government Bond and Securities Market), buy and sell contracts are traded on government securities and nonconvertible bonds; the EuroMOT is the Euro-Bond Electronic Market that trades Eurobonds, bonds from foreign issuers and asset-backed securities.


The exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:25pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[4]


Borsa Italiana organises and manages the Italian stock market with the participation of nearly 130 domestic and international brokers that operate in Italy or from abroad through remote membership, using a completely electronic trading system for the real-time execution of trades. In addition, it performs organisational, commercial and promotional activities aimed at developing high value-added services for the financial community.

The stock market is divided into five parts: 1) The electronic share market (MTA) trades Italian shares, convertible bonds, and warrants; the covered-warrant market is an electronic share market. 2) The STAR (Segment for High Requirement Shares) market is within the MTA and includes companies capitalised from 40 million to 100 million euros that are already listed and traded in more-traditional sectors. 3) Nuovo Mercato is dedicated to innovation-driven companies. 4) Stocks, bonds, warrants, and options not admitted to the official exchange are traded on Mercato Ristretto. 5) Premi Market is for premium contracts on stock exchange products. The after-hours market enables trading of financial instruments after the daytime session closes.

A principle of the exchange has been the separation of regulation and management, allowing the exchange to be entrepreneurial while maintaining confidence in the market through the external regulators CONSOB and the Banca d'Italia.


The borsa's main indices are :

  • the FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors[5]
  • the MIBTel, which covers all Italian shares (and certain foreign ones) listed on the MTA and on the MTAX market.

Other indices include the MIDEX, Mid Cap, ALL STARS and the now defunct MIB 30 index.

Listed companies

The following represent a selection of the companies listed on the Borsa, for a full list see Category:Companies listed on the Borsa Italiana:

See also



  1. History Tour – Borsa Italiana
  2. "Historical Stages". Borsa Italiana.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>[dead link]
  3. "Borsa Italiana and London Stock Exchange Combine (archived 20.11.2007)". Archived from the original on November 20, 2007. Unknown parameter |deadurl= ignored (help)<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. Market Hours, Italian Stock Exchange via Wikinvest
  5. "S&P/MIB methodology". Borsa Italiana.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links