ExtraMOT

On Monday 22 June 2009 Borsa Italiana launches ExtraMOT, the new electronic market for trading on corporate bonds.Being more flexible on listing admission process, ExtraMOT broadens Borsa Italiana and London Stock Exchange Group bond offer and gives to international investors an easy access to Italian and foreign corporate bonds.

ExtraMOT operates through Tradelect platform, using the same  microstructure of Borsa Italiana regulated markets, MOT and EuroMOT, guaranteeing the same supervision standards on trading and prices control.Market rules allow tradings on ExtraMOT of financial instruments already listed into other EU regulated market upon intermediaries or Borsa Italiana’s request.

As it happens for tradings on EuroMOT segment, trades has to be sent  to Euroclear and Cleastream Banking Luxembourg through XTRM.

ExtraMOT is an order driven system where intermediaries’ clients and traders are able to put bid and ask proposals.
Intermediaries can also act as specialists, undertaking to display continuous bid and offer, supporting liquidity.

Pietro Poletto, Head of Fixed Income Markets, London Stock Exchange Group, said: “The new market represents a further step toward integration of Borsa Italiana and London Stock Exchange. The experience of Borsa Italiana on retail bond markets can now serve the English market and allows UK OTC trades to switch on ExtraMOT, as it represents their natural trading environment. Through the launch of ExtraMOT the London Stock Exchange Group create one of the most advanced integrated platform for bond trading”.