With notice no. 18285 of 30 September 2016, the Italian Stock Exchange has informed the market participants that, starting from 24 September 2016, also securitised derivatives traded and settled in a currency other than the Euro will be admitted to trading on SeDeX market.

In summary, the updated Italian Stock Exchange's Rules and Instructions specified, among other things, that:

  • The settlement of the contracts for such instruments shall take place via foreign settlement system managed by Euroclear and Clearstream Banking Luxembourg (the ICSD)
  • The instruments shall be traded using the traditional SeDeX market trading model, except for structured/exotic covered warrant, leverage certificates, class A, and investment certificates, class B, for which trading will take place in the manner provided by Article 4.3.4, paragraph 6 of the Rules, and
  • In the absence of direct or indirect participation in foreign settlement systems, it shall not be possible to trade such instruments.

The updated text of the Rules and Instructions is published on the Italian Stock Exchange's website.

We are at your disposal for any further information or requests on the above amendments and their application.