Differences

This shows you the differences between two versions of the page.

--- borsaitaliana [2017/03/02 14:07] – [Lit Order Types] maya
+++ borsaitaliana [2023/02/27 11:59] (current) – hammed
@@ Line 4: / Line 4: @@
 [[http://www.borsaitaliana.it/homepage/homepage.en.htm | Homepage]]
-Currency: Euro (EUR)\\
+Currency: Euro (EUR)
-Time Zone: UTC +01:00
+[[https://www.borsaitaliana.it/borsaitaliana/calendario-e-orari-di-negoziazione/tradingcalendar-2023_pdf.htm | Trading Calendar & Hours ]]
-[[http://www.borsaitaliana.it/borsaitaliana/calendario-e-orari-di-negoziazione/calendario-borsa-orari-di-negoziazione.en.htm | Trading Hours & Trading Calendars]]
 ===== Trading Summary =====
 Borsa Italiana uses the Millennium IT platform for its equity cash markets.
@@ Line 16: / Line 17: @@
   * Market Buy/Sell→ShortSell (Day)
-==== Available ATS ====
+**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}}.
-  * [[batseurope|BATS Europe]]
-  * [[batseurope|Chi-X Europe]]
-  * [[turquoise|Turquoise]]
 ==== Basic Market Rules ====
   * 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):
@@ Line 50: / Line 48: @@
   * 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.
+  * **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 ====
-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/trm2-millenniumexchangebusinessparameters-release8.en.xls | 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 ===
@@ Line 80: / Line 81: @@
 **Auction Periods**
-. **Continuous trading** (09:00 - 09:00:59  -  17:30)
+. **Continuous trading** (09:00 - 09:00:59 - 17:30)
   * Continuous trading occurs
   * Orders may be entered, amended, and cancelled
@@ Line 91: / Line 92: @@
   * Orders will be matched based on price-time priority
-**Order Types:** Limit order only.
+**Order Types:** Limit and Market-on-Close.
 ===== See Also =====
   * [[market_guides|Market Guides]]