[ A D V E R T O R I A L ]
1 Month ATM I Vol as 13 Sept 2018
FTSEMIB
SXSE
CAC
DAX
40
35
30
%
25
20
15
10
5
0
80 90 95 97.5 100 102.5 105 110 120
Moneyness
cution of strategies is key, liquidity
is crucial. The Italian market does
not lack this feature.
The underlying Italian equity
cash market has a turnover velocity
of 100%, amongst the highest in
the industry. The IDEM is also
supported by a network of over 20
market makers providing liquid-
ity on a continuous basis and “on
request” on all listed products.
New international clients are
coming to the market directly or
via our broker network: in fact,
IDEM is one of the very few deriv-
atives markets in Europe increas-
ing its client base significantly in
2018. The dynamism of the order
books and the overall interest of
the end clients makes it an interest-
ing business case. Borsa Italiana
was pleased to welcome Quantlab,
Da Vinci Derivatives, ORA Traders
and Finovesta to its equity and
derivatives markets this year. This
evolution enriches the already
strong international community
associated to the Italian market.
In addition, the Italian market is
nurturing its strong roots in Italy.
Indeed, IDEM is supported by a
healthy private investor commu-
nity, which represents over 30% of
its equity cash markets, according
to Borsa Italiana estimates. The
on-line brokerage community has
been very influential in this success
story and it is growing outside
of the Italian borders. The “TOL
Expo” organised at Palazzo Mez-
zanotte, the headquarters of Borsa
Italiana in Milan on 24-25 October
(borsaitaliana.it/tol) will provide
good evidence of the dynamism of
the retail sector in Italy.
Innovating for growth.
Thanks to a very active community
of stakeholders and a strong partner-
ship approach, we deliver innovation
aimed at growing our markets. Many
developments have contributed to
improve the profile of the market but
one worth noting is the extension of
trading hours until 20:30 CET. We
wanted to address the growing client
demand from Italian retail investors
willing to trade index futures in con-
junction with the afterhours session
on Italian shares. The change was
also strongly supported by US trad-
ing firms and the international fund
management industry. Two liquidity
providers are actively market making
the products and daily volume peaks
well above 10% of total volumes on
the FTSE MIB mini futures.
Whilst 2018 has seen continued
growth, evolution and innovation
in the Italian market, we see no
room for complacency and are
committed to continuing to inno-
vate and partner with stakeholders
from across the community in 2019
and the years ahead.
“Execution of strategies
is key, liquidity is
crucial. The Italian
market does not lack
this feature.”
Issue 57 // TheTradeNews.com // 57