031215_Assemblea BIt

The Meeting of Shareholders of Borsa Italiana Spa has today confirmed the appointment of Carlo Corradini as a member of the Board and approved a number of changes to the Market Rules:

Changes to the Market Rules and to the Nuovo Mercato Rules

Trading and settlement of pre-emption rights

Rolling settlement is introduced also for contracts specifying pre-emption rights, as is already the case for the other listed financial instruments.

Public offers managed on the electronic system

The regulations are changed to allow the collection of public exchange offers and tender offers on the electronic system (excluding the settlement phase).

Changes to the Market Rules

Rules governing the Star segment

Exclusion from the STAR qualification at the discretion of Borsa Italiana

With regard to exclusion from the Star qualification, Borsa Italiana has the possibility to intervene, as an exception to the frequency indicated in the Instructions, whenever situations occur which are liable to harm the issuer's economic and financial position.

Exclusion from the STAR qualification at the request of the issuer

The issuer will now have the possibility to request exclusion from the Star qualification. The market is notified of the decision taken by the issuer and of the submission of the request.

Rules governing listed closed-end funds - Dealing code

For the issuers of closed-end funds, the following obligations are introduced:

• the obligation to set up a dealing code which governs the information flows from "relevant persons" to the management company;
• the obligation to inform the market of the transactions notified by such persons, if they exceed certain thresholds.

The subjective scope of the rule is also specified with clarification of who "relevant persons" are considered to be, as well as the arrangements and timescales according to which communications must be made. The date planned for entry into force is 30 June 2004.

In order to bring the regulatory text in line with the new practices outlined by the recent reform of company law, which extends the range of products for collecting debt and risk capital, additional provisions are incorporated into the regulations governing the MTA, MCW, MOT and EuroMOT markets, which offer the possibility of accepting, on these markets, financial instruments other than those currently allowed.

Trading on the MOT market is due to migrate by the end of the first half of 2004, to the technological platform used by the equity market.

Following the introduction of the new trading platform, the Rules are changed with regard to:

Block trades:

• for index options and stock options: possibility of entering into contracts arising from the introduction of interbank or internal proposals including those outside the spread, but only for quantities above a certain threshold (block trades) and with a maximum limit on the price variance of these contracts in relation to the best prices shown on the trading book
• for FIB 30 and stock futures: possibility of entering into contracts arising from the introduction of interbank or internal proposals at a price that corresponds to the limits of the market spread, but only for quantities above a certain threshold (block trades)

• rules governing public information on block trades.

Derivatives on stock indices

In order to allow futures and options contracts to be traded on the new S&P/Mib index, it is specified:

• that the underlying indices of derivative contracts must be characterised by transparency in the calculation and distribution methods;
• that Borsa Italiana's obligation to specify the related calculation and management method should be limited solely to the indices that Borsa Italiana manages.

The contract guarantee fund for the MCW market is withdrawn.

Milan, 15 December 2003