Working Document of the European Commission

The European Commission published today the working document “Competition in EU securities trading and post trading”, focused on the cash – equities markets.

In particular the analysis focused on trading, clearing and settlement costs in the European markets. The analysis has been done by sending questionnaires  to exchanges, alternative trading system operators, clearinghouses, settlement providers and a number of broker-dealer banks and associations.

As stated in the Report, compared to other European Exchanges, Gruppo Borsa Italiana boasts the lowest trading and post trading fees considering the contract value per categories of users analysed. 

Furthermore, evaluating unbundled costs, the cost of trading, clearing and settlement of Gruppo Borsa Italiana are lower than its competitors, irrespective of the different business models applied.  

Decomposition of costs per trade, 2004

This result is a further recognition of the accurate policy adopted during these years by Borsa Italiana Group, whose aim is to ensure efficiency and quality of the markets.