Securitised Derivatives Requirements

Borsa Italiana admits to trading covered warrants or certificates that have the following financial assets as underlying:

• Shares or certificates representing shares traded in regulated markets or multilateral trading systems or markets of OECD member states, that meet high liquidity requirements;
• Bonds or other debt securities traded on regulated markets or multilateral trading systems or markets of OECD member states, that meet high liquidity requirements;

• Official interest rates or those generally used in the capital market, which are not manipulable and characterized by transparency in the methods of detection and dissemination; 

• Currencies, whose exchange rate parity is continuously detected by competent authorities or organizations and are in any case convertible;

• Commodities for which there is a reference market characterized by the availability of continuous and updated information on the prices of traded assets;

• Indices or baskets relating to the activities mentioned in the previous points, as well as baskets of indices referring to the same activities, provided that these baskets or indices are characterized by transparency in the methods of calculation and dissemination; Borsa Italiana also reserves the right to request the issuer for the methodology of calculation and management of the same;
• Derivative instruments related to the activities mentioned in the previous points for which there is a liquid market characterized by the availability of updated information on the prices of the contracts themselves;