020719 stock futures

Starting July 22nd Borsa Italiana's IDEM Market will launch trading on IDEM Stock Future contracts.

Trading will start with: Eni, Enel, Telecom Italia, Tim e Unicredito.

These stocks have been selected to represent a range of sectors and stocks with substantial underlying liquidity.

The liquidity of the new contracts will be supported by the presence of two market makers, Caboto IntesaBci and Banca Nazionale del Lavoro, who are required to display bids and offers on a continuous basis.

Among the advantages offered by IDEM Stock Futures is the possibility of taking short positions on a stock without having borrowed them.

Another advantage is related to the capital needed to trade in these securities.

Leveraging allows you to post a percentage of the contract value (initial margin) without having to fund the entire position.

Another characteristic which makes the IDEM Stock Futures so attractive to investors is related to the cost savings of clearing. The margin integration system of "Cassa di Compensazione e Garanzia" (CC&G) which is the Italian Clearing House for the IDEM market, enables it to calculate integrated margins for stock futures and stock options with the same underlying instrument.

Some online brokers , who are already selling Borsa Italiana's derivative products, will extend their activities to include the new IDEM Stock Futures.

"The launch of the IDEM Stock Futures enriches the range of derivatives products offered to our investors. We believe the market will positively welcome these new products." - said Raffaele Jerusalmi, Executive Director of the Italian Exchange Markets.

Information regarding characteristics and trading of the new instruments are available on the Borsa Italiana website: www.borsaitalia.com.

Borsa Italiana organises, manages and develops the Italian Derivatives Market (IDEM). The range of products listed and actively traded on the IDEM, which now has 100 members, currently includes two index futures - the FIB and the MiniFIB - as well as options on the MIB30 index and stock options on 35 underlying shares.

Contacts:

John Parry

Rostron Parry Limited

(44) 207 4908062

Anna Mascioni

Borsa Italiana Spa

(39) 02 72426364

Milan, 19 July 2002.