Borsa Italiana S.p.A., the managing company of the Italian stock exchange, amended its market rules ("Rules") and related instructions. In particular, based on resolution No. 21018, dated 31 July 2019, amendments relating to the MOT market—i.e. the Mercato Telematico delle Obbligazioni e dei titoli di Stato, the main Italian regulated market for debt securities—enter into force on 20 January 2020, subject to the positive outcome of an initial trial phase.
The amended Rules and the relevant instructions provide for a closing auction, which will determine the reference price for subsequent trading sessions.
The rules governing the functioning of the closing auction and the trading at the closing auction price are identical to those applicable to the MTA market (the main regulated market for shares).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.