041025_glitch

As confirmed by Borsa Italiana's technology provider, on the Monday, 25 October session a technical glitch occurred in one of the trading servers of the Electronic Equity Market (MTA) where several dozen financial instruments were located.

As a result, the problem led to difficulties in handling orders from Intermediaries with respect to other financial instruments as well.

In order to ensure regular trading, measures were taken to restore normal operations. This involved the realignment of the trading systems back to their status as at the beginning of the session.

These activities on the stock market required parallel intervention on the Telematic Government Securities & Non Convertible Bond Market (MOT), as well as the cancellation of orders issued on both markets during the day's session before reopening.

The restoration procedures were successful and normal market activity resumed with full transparency and functionality at 11:40 am local time (9:40 GMT).

The time variations occurred during Monday's session are provided below:

MTA (Electronic Equity Market):

Pre-opening from 11:40 am to 12:30 pm

Validation from 12:31 pm to 12:35 pm

Continuous trading from 12:40 pmMOT (Telematic Government Securities & Non Convertible Bond Market):

Segment 1:

Pre-opening from 11:40 am to 12:30 pm

Validation from 12:31 pm to 12:35 pm

Continuous trading from 12:40 pm

Segment 3:

Pre-opening from 11:40 am to 12:50 pm

Validation from 12:51 pm to 12:55 pm

Continuous trading from 1:00 pm

Borsa Italiana managed the glitch ensuring continuous information to the market, the Intermediaries and the Supervisory Authorities with the active collaboration of the technology provider.

Milan, 25 October 2004