Liquidity Monitoring Service

Transcription

1 versin 1.0 Liquidity Mnitring Service March 2013 Page 1

2 Liquidity Mnitring Service terms and cnditins 1. Scpe The Brsa Italiana liquidity mnitring service ( Service ) has been designed fr prviding MTA Members ( Members ) with peridic infrmatin abut the activity perfrmed n prprietary accunt, n specific Securities, as specified belw, thrugh executable annymus qutes. This infrmatin service ( Service ) will be therefre dedicated t thse Members ( Client ) requesting by signing the liquidity mnitring agreement ( Liquidity Mnitring Agreement LMA ) t be mnitred with respect t certain parameters ( Parameters ) specified by the Client itself in the table f the Applicatin frm ( Table ). 2. Pricing The Client will pay Brsa Italiana fr the CmpID/s used fr the activity he is asking t be mnitred n, accrding t the fee fr CmpIDs defined in the Price List fr trading services. 3. Registratin The registratin t the Service shall be requested thrugh the attached Applicatin frm. The Client shall als cnfirm the securities ( Securities ) amng the nes indicated in the schedule ( Schedule ) f the Applicatin frm, and the relevant parameters, t be utlined in the attached Table, he is asking t be mnitred n. Brsa Italiana reserves the right, at its sle discretin, t refuse an applicatin r accept it fr all r nly sme f the requested Securities. If the Client des nt specify any Security within 30 days frm the date in which Brsa Italiana receives a signed cpy f the Applicatin frm, Brsa Italiana, withut liability, reserves the right t cnsider the Applicatin n mre valid. If the Client wants t mdify the data previusly filed with its Applicatin frm, a new Applicatin frm prperly fulfilled in all its parts shall be delivered t Brsa Italiana. As abve, Brsa Italiana reserves the right, at its sle discretin, t refuse the new applicatin r accept it fr all r nly sme f the requested Securities. 4. Term The LMA will be effective fr n. 1 (ne) year frm the date n which Brsa Italiana receives a prperly signed Applicatin frm and relevant attachments frm the Client. 5. Perfrmance Indicatrs and reprt Brsa Italiana will prvide the Client with standard reprts shwing the perfrmance f the Client with respect t the Parameters specified in the Table. The reprts will be sent n a mnthly basis t the list f cntacts declared in the sectin Member Details f this LMA. 6. Cnfidentiality Each f the parties, acknwledging the cnfidential nature f the infrmatin and dcumentatin pertaining generally t the LMA, shall guarantee the ther party, fr the duratin f this LMA and fr ne year after the terminatin r withdrawal due t any reasn whatsever f the same, that Page 2

3 the infrmatin and dcumentatin acquired in relatin t the perfrmance f the LMA will be treated cnfidentially. The bligatin referred t in the previus paragraph shall nt prevent the cmmunicatin r disseminatin by Brsa Italiana in annymus and aggregate frm f such data and infrmatin r the cmmunicatin, after explicit request, t public and judicial authrities. 7. Liability Any infrmatin (including, withut limitatin, reprts) prvided by Brsa Italiana t the Client under this LMA is prvided as is withut representatin r warranty f any kind, either express r implied, regarding (withut limitatin) the cmpleteness, accuracy, quality f any infrmatin cntained in the reprts delivered t the Clients, r fitness fr any srt f purpse. In any case, the liability f Brsa Italiana may exist nly fr lsses that are the immediate and direct cnsequence f wilful miscnduct r grss negligence n the Client f Brsa Italiana. Clients shuld nt rely n infrmatin prvided by Brsa Italiana. In n event shall Brsa Italiana be liable fr any lsses, damages, claims r expenses incurred r actins undertaken by a Client as a result f this LMA, including withut limitatin, its receipt f infrmatin r its use theref under this LMA. The Client shall hereby hld harmless Brsa Italiana, in the event f claims fr damages cnsequent upn actins by third parties, including ther Client, frm any claim made in relatin t deeds r actins inherent in the perfrmance f the LMA and shall authrise Brsa Italiana t file a third-party claim against it pursuant t Article 106 f the Italian Cde f Civil Prcedure. Brsa Italiana is required t give effect t all the instructins issued by the authrities and/r by ther persns they have authrised. This may lead t temprary suspensins and delays in the perfrmance f the service by Brsa Italiana r in their perfrmance in special ways, withut any liability fr Brsa Italiana. 8. Intellectual and/r industrial prperty rights The data made available by Brsa Italiana accrding t the LMA shall be used by the Client in cmpliance with the intellectual and/r industrial prperty rights f such data as detailed in the General Cnditins Part II f Brsa Italiana Membership Agreement. 9. Other Prvisins It remains further agreed and understd that fr matters nt expressly prvided fr in this LMA, and t the extent applicable, the rules laid dwn in General Cnditins Part I and Part II f Brsa Italiana Membership Agreement shall apply. 10. Applicable law and jurisdictin The Client and Brsa Italiana accept the jurisdictin f the Curt f Milan fr any questin r act that must be submitted t the curts f law and Italian law as the law gverning this LMA, including, but nt limited t, any matter regarding the frm, the interpretatin and the requirements fr the validity f the LMA, the bligatins deriving thereunder and their perfrmance. Page 3

4 Applicatin Frm This applicatin frm shuld be cmpleted by Members seeking t be mnitred by Brsa Italiana S.p.A. with respect t the Parameters utlined in the Table and fr Securities selected in the Schedule. Member Details Name f legal entity applying t receive the Service: Registered address: Cmmunicatins and reprts t be sent t: Name Title Direct Phne Legal/cntract Representative (mandatry) Please nte that by signing and returning this applicatin frm yu agree with all terms f this Liquidity Mnitring Agreement. Signed n behalf f the Client By: Signed n behalf f Brsa Italiana S.p.A. By: Title: Date: Title: Date: The Client, pursuant t articles 1341 and 1342 f the Italian Civil Cde, expressly apprves the fllwing clauses f this LMA service: 6. (Cnfidentiality), 7. (Liability), 8. (Intellectual and/r industrial prperty rights), 9. (Other Prvisins) and 10. (Applicable law and Jurisdictin). Signed n behalf f the Client By: Signed n behalf f Brsa Italiana S.p.A. By: Title: Date: Title: Date: Page 4

5 Table This table frms part f the Liquidity Mnitring Agreement and shall be gverned in accrdance with its terms and cnditins. Table definitin: The trading activity, perfrmed by the Client using a dedicated CmpIDs and by annymus qutes, will be analised with respect t the parameters indicated here belw: - [Spread]; Expressed in % calculated as: (Best Ask - Bid) / [(Best Bid + Ask) / 2] - [Size]; Expressed as % f EMS (Exchange Market Size) The perfrmance indicatr will be calculated as fllws - Perfrmance rati: epsiln indicatr, calculated during the cntinus trading phase, as: ε(%)= 0.4*P_rati + 0.4*S_rati + 0.2*Q_rati where: p_rati is calculated n the basis f the number f minutes f cmpliance with the cntinuus qutatin parameters s-rati is calculated n the basis f the number f minutes f cmpliance with the spread parameters q_rati is calculated n the basis f the number f minutes f cmpliance with the minimum size parameters, where prvided. The calculatin f the basis f the number f minutes f cmpliance with the parameters, will nt cnsider the 5 minutes after the qutes has been partially r ttally executed. Cnsidering that this is a pure infrmatin service, Member is nt allwed t ask fr exemptins fr the perfrmance rati calculatin due t fr example specific market cnditins r Member s technical issues. Lgical Linkups (CmpiID) t the Millennium - IT trading platfrm as described at the fllwing link: Schedule: Parameters t be mnitred and Security Registratin (Fill the bx as fllws example : Spread 0.50 %; Size 0.2 * EMS) ISIN INSTRUMENT Index Spread % Size (EMS) Client (fill the bx with the (fill the bx with Registratin % t be mnitred the % t be (fill the bx fr fr each security) mnitred fr selected securities) each security) IT A2A FTSEMIB % * EMS IT ANSALDO STS FTSEMIB % * EMS IT ATLANTIA FTSEMIB % * EMS IT AUTOGRILL FTSEMIB % * EMS Page 5

6 IT AZIMUT HOLDING FTSEMIB % * EMS IT BANCA MONTE PASCHI SIENA FTSEMIB % * EMS IT BANCA POP EMILIA ROMAGNA FTSEMIB % * EMS IT BANCA POPOLARE MILANO FTSEMIB % * EMS IT BANCO POPOLARE FTSEMIB % * EMS IT BUZZI UNICEM FTSEMIB % * EMS IT CAMPARI FTSEMIB % * EMS IT DIASORIN FTSEMIB % * EMS IT ENEL FTSEMIB % * EMS IT ENEL GREEN POWER FTSEMIB % * EMS IT ENI FTSEMIB % * EMS IT EXOR FTSEMIB % * EMS IT FIAT FTSEMIB % * EMS IT FIAT INDUSTRIAL FTSEMIB % * EMS IT FINMECCANICA FTSEMIB % * EMS IT GENERALI FTSEMIB % * EMS IT IMPREGILO FTSEMIB % * EMS IT INTESA SANPAOLO FTSEMIB % * EMS IT LOTTOMATICA FTSEMIB % * EMS IT LUXOTTICA GROUP FTSEMIB % * EMS IT MEDIASET FTSEMIB % * EMS IT MEDIOBANCA FTSEMIB % * EMS IT MEDIOLANUM FTSEMIB % * EMS IT PARMALAT FTSEMIB % * EMS IT PIRELLI & C FTSEMIB % * EMS IT PRYSMIAN FTSEMIB % * EMS IT SAIPEM FTSEMIB % * EMS IT SALVATORE FERRAGAMO FTSEMIB % * EMS IT SNAM FTSEMIB % * EMS NL STMICROELECTRONICS FTSEMIB % * EMS IT TELECOM ITALIA FTSEMIB % * EMS LU TENARIS FTSEMIB % * EMS IT TERNA FTSEMIB % * EMS IT TOD'S FTSEMIB % * EMS IT UBI BANCA FTSEMIB % * EMS IT UNICREDIT FTSEMIB % * EMS Page 6

7 The LMA signed shall be returned by pst r t: Brsa Italiana Equity and Derivatives Markets Piazza degli Affari, Milan Equity.markets@brsaitaliana.it If yu have any queries n the applicatin prcess, please cntact the Equity and Derivatives Markets Team: Telephne: /229/539/503 Equity.markets@brsaitaliana.it Page 7

8 January 2013 Brsa Italiana S.p.A. The publicatin f this dcument des nt represent slicitatin, by Brsa Italiana S.p.A., f public saving and is nt t be cnsidered as a recmmendatin by Brsa Italiana as t the suitability f the investment, if any, herein described. This dcument has nt t be cnsidered cmplete and it is meant fr infrmatin and discussin purpses nly. Brsa Italiana accepts n liability, arising, withut limitatin t the generality f the freging, frm inaccuracies and/r mistakes, fr decisins and/r actins taken by any party based n this dcument. Trademarks Brsa Italiana and Brsa Italiana's lg, IDEM, MOT, MTA, STAR, SeDeX, MIB, IDEX, AGREX, BIt Club, Academy, MiniFIB, DDM, EurMOT, Market Cnnect, NIS, Brsa Virtuale, ExtraMOT, MIV ETF Plus, Piazza Affari Gestine e Servizi, Palazz Mezzantte Cngress and Training Centre and PAGS are wned by Brsa Italiana S.p.A. FTSE is a registered trademark f Lndn Stck Exchange plc and The Financial Times Limited and is used by FTSE Internatinal Limited under licence. Lndn Stck Exchange, the cat f arms device and AIM are a registered trade mark f Lndn Stck Exchange plc. The abve trademarks and any ther trademark wned by the Lndn Stck Exchange Grup cannt be used withut express written cnsent by the Cmpany having the wnership f the same. Brsa Italiana S.p.A. and its subsidiaries are subject t directin and crdinatin f Lndn Stck Exchange Grup Hldings (Italy) Ltd Italian branch. The Grup prmtes and ffers the pst-trading services f Cassa di Cmpensazine e Garanzia S.p.A. and Mnte Titli S.p.A. in an equitable, transparent and nn-discriminatry manner and n the basis f criteria and prcedure aimed at assuring interperability, security and equal treatment amng market infrastructures, t all subjects wh s request and are qualified in accrdance with natinal and cmmunity legislatin, applicable rules and decisins f the cmpetent Authrities. Brsa Italiana S.p.A. Piazza Affari, Milan Page 8