Type of orders

Approved intermediaries shall express their willingness to trade through anonymous orders. Orders shall contain at least the information relative to the derivative instrument to be traded and the quantity, type of transaction, type of account and price. Approved intermediaries may enter, modify and cancel orders during trading.

The orders for each derivative financial instrument shall be automatically ranked on the book according to price - in order of decreasing price if to buy and increasing price if to sell - and, where the price is the same, according to entry time (price/time priority). Modified orders shall lose their time priority if the modification implies an increase in the quantity or a change in the price.

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TYPE OF ORDERS

(1) “single order”, corresponding to a customer buy or sell order relative to a single contract series (limit orders and market orders)

(2)“standard COMBO”, corresponding to a combination of two orders relative to different contract series which are executed simultaneously when the appropriate market conditions occur. Borsa Italiana shall establish in the Instructions the strategies that may be the subject of standard COMBO

(3)“FLEXCO - Flexible option” (TMC), allow market participants to create non standard combinations on a dedicated order book; the exchange system automatically gives a conventional name to the FLEXCO created by the traders according to a naming convention rule

(4) “Stop order”, identifies orders that remain inactive in the central stop order book until the trigger price is reached. These orders are related only to the instrument to whom the trigger price refers to.

(5) “Iceberg order”, identifies the limit price orders with limited disclosed quantity to be filled, i.e. “iceberg orders”. The partial disclosed quantity may be at least equal to 5 contracts. Once the displayed quantity is filled, a new order is generated with the same partial displayed quantity is generated – or with the remaining quantity – with the same price level as the original order, but with a new time priority.

Iceberg orders are not allowed to be “valid until date”. During the intra-day volatility auctions the iceberg orders will participate in the price determination (both with the displayed and non-displayed quantity; the displayed quantity must be at least equal to the minimum quantity set by Borsa Italiana and communicated through an official Notice).

(6) “Committed order” (interbank), identifies order which is aimed at the conclusion of a contract in which the counterparties are predetermined. The trader must indicate, amongst all other relevant parameters that defines his order, the code of his counterparty as defined by the SOLA system configuration whose order will be matched with his own. The central system keeps the sent order in a dedicated private archive up until the corresponding order is entered by the counterparty.

Committed orders still not matched at the close of the trading session (because the counterparty's order has not been entered) are automatically cancelled by the system.

(7) “Cross order” (internal), identifies order which is aimed at the conclusion of a contract in which both the counterparties are formed by the single operator who entered the order.

(8) “quotation”, corresponding to bids and offers entered by the market makers and the specialists in compliance with their obligations

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METHODS OF EXECUTION

(1) Limit orders may specify the following methods of execution:

• “fill and kill (FAK)”: the order is filled, in whole or in part, up to the quantity available on the opposite side of the book and any unfilled quantity is automatically cancelled
• “minimum quantity and FOK”: the order is filled for the specified quantity in the minimum quantity field and the remaining quantity is cancelled by the system; the minimum quantity for FOK orders must be equal to the total quantity of the order.
• “good till maturity”: the order remains on the book until the maturity of the contract
• “good till date”: the order remains on the book until the date specified
• “daily”: the order remains on the book until the end of the session

(2) Market orders may be specified with the methods of execution “fill and kill (FAK)”

NEW NAMING CONVENTION FOR THE IDEM INSTRUMENTS

With the migration to the SOLA platform the naming of the instruments listed on derivatives market is identified by the following structure:

• Root symbol = 6 characters
• Year = last number of the year
• Month = monthly expiry (A..L for the call option and future, M-X for the put option)
• Strike = strike price
• Corporate Action Flag = X, Y, Z, Q, R, S, G, U, V

For IDEX quarterly futures, in the Month field, a number between 1 and 4 indicates the related quarter.

IDEM Equity Segment

Series name: MIBO0J23000 (index option)

• Code Description
• MIBO Index Option
• 0J Call expiry : October 2010
• 23000 Strike Price: 23000 index points

Series name: MIBO0V23000 (index option)

• Code Description
• MIBO Index Option
• 0V Put scadenza: October 2010
• 23000 Strike Price: 23000 index points

Series name: FIB0C (index future)

• Code Description
• FIB Index Future
• 0C Expiry: March 2010

Series name: ENI0D100 (stock option)

• # Code Description
• 1 ENI Underlying: ENI
• 2 0D Call expiry: April 2010
• 4 100 Strike Price: € 100

Series name: ENI0P100 (stock option)

• # Code Description
• 1 ENI Underlying: ENI
• 2 0P Put Expiry: April 2010
• 4 100 Strike Price: € 100

Series name ENI0F (stock future)

• # Code Description
• 1 ENI Underlying: ENI
• 2 0F Expiry: June 2010

Series name FIBC0 (index future)

• # Code Description
• 1 FIB Index Future on FTSE MIB
• 2 0C Expiry: March 2010

Series name: ENI_FC_xxxx (FLEXCO)

• # Code Description
• 1 ENI Underlying
• 2 FC FLEXCO identification
• 3 xxxx Unique number per instrument group assigned automatically by the system when the Flexco is created

IDEX Segment

Series name: IDEBM0C (power future)

• # Code Desciption
• 1 IDEBM Underlying: Monthly “Baseload” power contract on Italy area
• 2 0C Expiry: March 2010

Series name: GDEBQ61 (power future)

• # Code Desciption
• 1 GDEBQ Underlying: Quarterly “Baseload” power contract on Austria/Germany area
• 2 61 Expiry: first quarter 2016

Series name: IDEPY5L (power future)

• # Code Desciption
• 1 IDEPY Undelying : Annual “Baseload” power contract on Italy area
• 2 5L Expiry: December 2015

Series name: IDEBM_GDEBM_5L (spread on power future)

• # Code Desciption
• 1 IDEBM_GDEBM Undelying : Spread between baseload Italian and German monthly futures contract
• 2 5L Expiry: december 2015

AGREX Segment

Series name: DWHEAT6E (durum wheat future)

• # Code Desciption
• 1 DWHEAT Undelying : future on durum wheat
• 2 6E Expiry: May 2016