Securities trading - Italy


Key market-tradable securities

Denomination currencyMaturity
payment frequency
Place of settlementForm
Government bonds:
BOT - Buoni Ordinari del Tesoro
EUR3, 6, and
12 months
Not applicable
(zero coupon)
-Monte Titoli S.p.A.Dematerialised, bearer
BTP - Buoni del Tesoro Poliennali
EUR3, 5, 7, 10 or 30 yearsFixedSemi-annualMonte Titoli S.p.A.Dematerialised, bearer
BTP - Coupon Stripping
EUR6 monthsFixed-Monte Titoli S.p.A.Dematerialised, bearer
BTP - Principal Stripping
EUR3, 5, 7, 10 or 30 yearsFixed-Monte Titoli S.p.A.Dematerialised, bearer
CCT - Certificati di credito del Tesoro
EUR5 to 10 yearsFloating linked to 6 or 12 months BOT yieldsSemi-annual, annualMonte Titoli S.p.A.Dematerialised, bearer
CTE - Certificati del Tesoro
EUR3 to 8 yearsFixedAnnualMonte Titoli S.p.A.Dematerialised, bearer
CTO - Certificati del Tesoro con Opzione
EUR6 or 8 yearsFixedSemi-annualMonte Titoli S.p.A.Dematerialised, bearer
CTZ - Certificati delTesoro zero coupon
EURmore than 12 monthsNot applicable
(zero coupon)
-Monte Titoli S.p.A.Dematerialised, bearer
Cassa Depositi e Prestiti
EUR5 yearsFloatingSemi-annualMonte Titoli S.p.A.Dematerialised, bearer
Corporate bonds
EUR5 to 7 years--Monte Titoli S.p.A.Dematerialised, bearer
Listed equities:
Ordinary, Preferred
EUR---Monte Titoli S.p.A.Dematerialised, registered
EUR---Monte Titoli S.p.A.Dematerialised, bearer
EUR---Monte Titoli S.p.A.Dematerialised, bearer

Trading platforms

The Italian regulated market is organised as follows:

  • Borsa Italiana - equities, derivatives and retail fixed income products;
  • MTS - wholesale fixed income products;
  • EUROTLX ( - covered warrants, certificates and other debt instruments.

Note: CC&G acts as CCP for electronic securities trading on the Borsa Italiana (as defined below). For MTS, the use of a CCP is optional and trading parties can choose LCH.Clearnet or CC&G.

Equities & derivatives

Borsa Italiana’s equity markets include the following:

  • Mercato Telematico Azionario (MTA): the Borsa market on which shares, convertible bonds, warrants and option rights are traded.
    MTA is divided into Blue Chip, Star and Ordinary Segments. The electronic system used for the MTA (“Affari” platform) is order driven.
  • Borsa Italiana Global Equity Market (BIT GEM ): The segment within Borsa Italiana Equity MTF market dedicated to the trading of shares of non Italian issuers already listed on other EU regulated markets.
  • AIM Italia: Borsa Italiana's market specifically created to enable small and medium-sized Italian enterprises that wish to invest in their growth and have a high growth potential to access capital markets. The market is characterised by its balanced regulatory approach, high visibility at an international level and a flexible admission process, custom built for the financing needs of Italian SMEs in a competitive global environment.
  • Market for Investment Vehicles (MIV): the market segment created exclusively for investment vehicles. MIV is open for both retail and institutional investors and able to accommodate many types of vehicles: investment companies and real estate investment companies; private equity funds; closed-end real estate funds; Special Purpose Acquisition Companies (SPACs); specialised funds; multi-strategy funds and funds of funds.
  • SeDex: this market segment is dedicated to trading of securitised derivatives, including warrants and contract certificates.
  • Italian Derivatives Market (IDEM): the products listed on IDEM include futures, minifutures and options. The IDEM market has a dedicated segment  for derivatives on energy products (IDEX)
  • ETF plus: this is the Borsa Italiana regulated market where it is possible to trade on ETFs, ETCs and Structured ETFs.

Debt securities

Mercato Telematico delle Obligazioni e Titoli di Stato (MOT) is the electronic market where Italian government securities and non-convertible bonds are traded. The EUROMOT is the electronic market where eurobonds, foreign bonds and Asset Backed Securities (ABS) are traded.