021115_asta random

On Monday 18th, a change in trading procedure will become effective. This is intended to adequate the microstructure of the equity markets of the Italian Exchange - MTA, Nuovo Mercato and Mercato Ristretto - to the European Market Model.

A "random" closing of pre-auction phases functionality will be introduced. In further details, rather than having pre-auction phases ending at a fixed period of time, pre-auction phases shall end at any time within the last minute of such phases.

At the occurrence of such condition, intermediaries shall not be able to enter new orders, neither shall they be able to modify nor cancel orders previously entered in the trading system.

At the beginning of the next minute the validation phase will take place.

Moreover, the closing of the pre-auction phase will differ from one stock to another taking advantage of an automatic algorithm.

The new functionality will be in place both for opening auctions and for closing auctions, and it will be also applied to volatility interruption auctions (intraday auctions) that might occur during the continuous trading.

As an example, blue-chip securities shall be traded with the following trading hours:

08.00 - 09.15 (9.15.00 - 9.15.59) opening auction, pre-auction phase;

09.16 - 09.20 opening auction, validation phase;

09.20 - 09.30 opening auction, opening phase;

09.30 - 17.25 continuous trading;

17.25 - 17.35 (17.35.00 - 17.35.59) closing auction, pre-auction phase;

17.36 - 17.40 closing auction, validation and closing phases;

Milan, November 15th 2002