Guide for Membership to the Markets of Borsa Italiana

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1 Guide for Membership to the Markets of Borsa Italiana Version June 2010 INDEX INDEX... 1

2 1 INTRODUCTION MEMBERSHIP TO THE ITALIAN EXCHANGE MARKETS AUTHORISATION - WHO CAN APPLY FOR MEMBERSHIP PARTICIPATION REQUIREMENTS CLEARING & SETTLEMENT FEES TIMING STEPS FOR ADMISSION

3 1 Introduction This guide provides the applicant with a detailed procedure for admission and information on the forms to be submitted. This procedure is managed on line through the BIt Club web site available on or through Borsa Italiana website ( section products and services/trading. Each applicant accesses BIt Club through a password sent by Borsa. 1.1 Borsa Italiana Markets Borsa Italiana regulates, develops and manages the Italian equities markets, (MTA and Expandi Market), the Italian Derivatives market (IDEM Equity and IDEX), the Securitised Derivatives market (SeDeX), the electronic Fixed Income market (MOT), the electronic ETFs and ETCs market (ETFplus) and the MIV market for Investment Vehicles (live from June 22, 2009). Borsa Italiana also operates an After Hours Market, where financial instruments trade from to 20.30, after the close of the daily market. Since Monday 24 July 2006, Borsa Italiana also manages MTA International, the segment within Borsa Italiana s MTA regulated equity market dedicated to the trading of shares of foreign issuers already listed in other EU regulated markets. Borsa Italiana als manages three Multilater Trading Facilities; the Alternative Capital Market (MAC) dedicated to small companies and available to Professional Investors only, the AIM Italia dedicated to growing companies and the ExtraMOT markets dedicated to bonds. 2 Membership to the Italian Exchange markets Type of companies eligible for membership on the markets organised and managed by Borsa Italiana are listed in par. 2 below. Non Italian resident Institutions may access the market directly or through an Italian based branch. All participants have to fulfil participation requirements in terms od organisational and technical structure and demonstrate their ability to settle and clear their contracts, directly or through a settlement/clearing agent. The applicant may decide to apply for all markets at the same time or to apply separately for each single market. According to the Rules, indirect access to trading is possible through interconnection. It is possible for customers of intermediaries admitted to trading and/or for organisational units of approved intermediaries, provided that they have an approved control system. 3

4 According to the Rules of the MAC market, interconnection can be granted only to members organisational units, dedicated to the activity portfolio management. 3 Authorisation - Who can apply for membership Intermediaries authorised under the law or regulations to provide the services and engage in the activity of dealing for own account and/or executing orders on behalf of clients and Companies that fulfil specific membership requirements established by Borsa Italiana in the Instructions such as: Companies set up in the legal form of a società per azioni or a società a responsibilità limitata or equivalent: in which the persons performing administrative, management and supervisory functions and those responsible for trading activity and the internal control function satisfy integrity and experience requirements equivalent to those applying to intermediaries that deal in financial instruments; firms authorised to an investment service or activity or to the collective portfolio management by the competent Authority of an EU country are waived of this requirement; which have established an internal audit function that does not depend hierarchically on any person with operational responsibilities and that makes periodic checks on the activity of trading in financial instruments; Borsa Italiana may exempt intermediaries from this requirement after evaluating their size (proportionality principle); which have adequate shareholders equity as shown by their latest audited annual financial statements. The above company to participate in the IDEX segment shall participate in an EU electricity market. 4 Participation requirements Applicant shall comply with the participation requirements set up in the Rules of the markets. As a general rule, they shall employ a sufficient number of qualified staff at least in the key roles of the business, they shall have adequate clearing and guarantee and settlement procedures, adequate internal procedures and controls for trading activity; they shall identify a the compliance officer and a deputy to this function, who shall have a good knowledge of these Rules and of the rules governing the functioning of the market, who 4

5 among his/her functions also manages the relations with the Markets Supervizion of Borsa Italiana. Idem market makers/specialists are requested to pass an interview. Members shall ensure the adequacy of the technological systems used for trading and associated activities carried on and the number and types of interconnections with the markets, and their compatibility with the electronic data processing and telecommunication support systems adopted by the Borsa for the operation of the market. Such systems can be outsourced to third parties and/or to a Service Provider, defined in the Rules of the markets, as the subject which, after signing a contract with Borsa Italiana concerning the supply of the physical market access infrastructure, provides the intermediaries with implementation, development and maintenance services, as well as the management of such infrastructure and of the linked systems interconnected to the markets. 5 Clearing & Settlement The admission to trading on the markets of Borsa Italiana can be approved only after the evidence of the participation of the applicant in the clearing and settlement systems, according to the markets to which the application refers. Contracts concluded in the MTA, TAH, ETFplus, MIV and IDEM markets are guaranteed by a Central Counterparty (CCP) System. The CCP guarantees the contracts executed on said markets, taking the counterparty risk starting from the conclusion of said contracts on the market. The CCP function is carried out by the CC&G, which manages the clearing and guarantee services of contracts executed on said markets and which eliminates the risk of counterparty, becoming itself the only guarantor of the final settlement of contracts concluded, acting as buyer towards each member seller and as seller towards each member buyer. It is possible to become General Clearing Member, Individual Clearing Member, Non Clearing Member of the CC&G. Contracts concluded in the MTA, TAH, ETFplus, MIV SeDeX, DomesticMOT, MAC and AIM Italia are settled through the Italian settlement system operated by Monte Titoli Express II - that integrates net with gross settlement functionalities, for transactions in non derivative securities. The applicant can participate in the settlement system either directly or indirectly. In case of guaranteed markets this applies apart from the kind of membership to the CCP. However, in case the applicant chooses the indirect 5

6 participation, both in the CCP and in the settlement system, it shall use its own GCM in order to settle its positions. The GCM can be member of the settlement system either directly or indirectly through a settlement agent. Besides, in case the applicant chooses the direct participation in the CCP, it shall be authorised by its own GCM, in order to be direct member of the settlement system. Trades executed in the EuroMOT segment and in the ExtraMOT market are settled, directly or through a settlement agent, at Clearstream Banking Luxembourg and Euroclear. To send trades executed on the MTA, TAH, MIV, SeDeX, DomesticMOT, EuroMOT, ExtraMOT, MAC and AIM Italia to the settlement systems an access to the X-TRM service is needed. The access can be direct or through a power of attorney granted to a third party. The X-TRM services manage the matching of transactions traded on the markets and OTC and the routing of matched transactions (also in the form of bilateral balances) to the settlement services. 6 Fees For the purpose of applying the price-list, two pricing options have been determined for each market managed through the GAM infrastructure: - Package 1 with variable fees and with the possibility to opt for the application of fees available for the so called light access to the cash market (lower IT costs for members with a maximum of 6 linkups/user configured) and - Package 2 with fixed and lower variable costs. Variable costs on some markets/instruments are applied on a sliding scale. Members are free to choose the preferred Packages according to their needs. The fees are divided in: Annual membership fee payable in a lump sum and covering all our markets Annual subscription fee, debited on a monthly basis, for each individual market (in Package 1 applied for the DomesticMOT segment only) Annual IT fees, debited on a monthly basis Unit transaction cost. The unit transaction is applied on each contract/lot (IDEM market)/ MWh (Megawattora) (Mercato IDEM - segmento IDEX), and on each executed order (markets other than IDEM), meaning all trades originated by a sin- 6

7 gle order inserted by the member and performed at the same price. For MTA, ETFplus, Expandi and MAC the transaction cost is calculated according to the value of the executed order. The annual fee for the use of the market access infrastructure starts to be charged as soon as the IT installations have been completed. On the IDEM equity segment the Proprietary Trading Program is also available. Classification according to Pricing Package or Volume category does not apply to trading on MIV and ExtraMOT where no membership fee is applied. The above fees and the payment conditions are detailed in the Price list annexed to the Contract General Conditions and available on Borsa Italiana website. 7 Timing The authorisation for the admission to trading of a new Member of Borsa Italiana will be issued only when all requirements have been satisfied. This also depends on the timing of the installation of lines and servers which normally takes 60 days form the order and the timing needed to develop and conform proprietary application software (if any) Membership to the markets, to the clearing and settlement systems and procedures for the IT installations go in parallel. 8 Steps for admission Please find below a list of activities, documents and data which are part of the membership procedure. Please use this as a checklist for your application process. Access the BIt Club web site and fill the Welcome Card: for prospect client the first step is to register through the BIt Club web site and receive the uderid and password to access the Prospect Area of the web site and complete the Request for Service, the first step to officially start the application 7

8 Complete the on line Request for Services: the Request for Service (RfS) has to be completed with the company data and details of the Contract Representative Print the RfS and send it signed by the Legal Representative of the company, together with: Specimen of signature of Contract Representative (draft form available) where applicable, Documentary proof of the authorisation to provide investment services. In the case of non authorised companies the applicant shall also sign an additional declaration (draft provided by Borsa) confirming: o the assessment of the experience and integrity of the persons persons performing administrative, management and supervisory functions and those responsible for trading activity and the internal control function o the existence of an internal audit function in charge with making periodic checks on the trading activity involving financial instruments. The applicant receives the letter of acknowledgement from Borsa Italiana with request to complete the Participation Document through BIt Club. The access through BIt Club will be made available to the Contract Representative, and to the possible Users delegated by the Contract Representative, using the userid and password sent together with the above said letter. Complete the online Participation Document, ie: Confirm BIC Code Choose the pricing package (if applicable) Confirm trading and IT sites addresses Order of the IT, ie: o Order lines o Oder users/usaps o Order info data service From this moment on the installation process starts and the applicant can request connection of the third party application server to the test environment also through VPN. This is needed in case of conformance test where the software application needs to be accredited. In the same time the applicant has to manage the cabling of the building if needed. Confirm participation requirements Confirm details of Compliance Officer and deputy Confirm list of Persons authorised to request order deletion Confirmation of type of participation in the settlement and clearing services. 8

9 If the applicant has an indirect participation in such services, download and send to Borsa the notifications of the relevant agreement. Such notifications have to be signed by the applicant and the settlement agent and/or GCM Final tests activities for cash market: o Borsa sends to the applicant the Keks for configuration to CDS o The applicant send back to Borsa the calculated check values for activation of USAPs on CDS to perform a test of the market functionalities, the so-called check list o Borsa sends to the applicant the Keks for configuration in production o The applicant send back to Borsa the calculated check values for activation of USAPs in production and perform the LCON test Final tests activities for derivatives market: o Access to test environment to perform a test of the market functionalities, the so-called check list o Users are configured in read only mode to test the correct login to the marker Confirmation of participation in the settlement and clearing services provided by the companies managing such services Borsa Italiana decides on the admission date. The day before the live date Borsa Italiana: confirms the admission through a specific notice and informs the market through a company announcement (Avviso). For Derivatives markets confirms to the applicant the userid and password for the production environment. For more details on how to complete the Participation Document through BIt Club please refer to the Guide available on the web site. 9

10 For further information please contact: Borsa Italiana - Membership Italy Piazza Affari 6, Milano Tel Fax membership@borsaitaliana.it BIt Systems Clients Services Via Mazzini 9/11, Milano Tel CC&G Via Mazzini, Milano Tel Monte Titoli Via Mantenga, Milano Tel The publication of this document does not represent solicitation, by Borsa Italiana S.p.A., of public saving and is not to be considered as a recommendation by Borsa Italiana as to the suitability of the investment, if any, herein described. This document has not to be considered complete and it is meant for information and discussion purposes only. Borsa Italiana accepts no liability, arising, without limitation to the generality of the foregoing, from inaccuracies and/or mistakes, for decisions and/or actions taken by any party based on this documents. Trademarks Borsa Italiana and Borsa Italiana's logo, IDEM, MOT, MTA, STAR, SeDeX, MIB, IDEX, BIt Club, Academy, MiniFIB, DDM, EuroMOT, Market Connect, NIS, Borsa Virtuale, ExtraMOT, MIV BIt Systems Piazza Affari Gestione e Servizi, Palazzo Mezzanotte Congress and Training Centre and PAGS are owned by Borsa Italiana S.p.A. FTSE is a registered trademark of London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited under licence. London Stock Exchange, the coat of arms device and AIM are a registered trade mark of London Stock Exchange plc. The above trademarks and any other trademark owned by the London Stock Exchange Group cannot be used without express written consent by the Company having the ownership of the same. Borsa Italiana S.p.A. and its subsidiaries are subject to direction and coordination of London Stock Exchange Group Holdings (Italy) Ltd Italian branch. The Group promotes and offers the post-trading services of Cassa di Compensazione e Garanzia S.p.A. and Monte Titoli S.p.A. in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects who so request and are qualified in accordance with national and community legislation, applicable rules and decisions of the competent Authorities. March 2010 London Stock Exchange Group plc All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any information storage or retrieve system without prior permission from the copyright owners. 10

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