Pricelist for trading services

Transcription

1 Pricelist for trading services Pursuant to art of the Rules, to art of the AIM Italia Mercato Alternativo del Capitale Membership Rules, to art of the ExtraMOT market Rules and to art.1300 of the TAH market Rules In force as of September 1 st, 2015

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3 Index 1 Pricing packages and classification methods 4 2 Volume Category 4 3 Application of unit transaction cost 5 4 Invoicing and payment instructions 5 5 Annual market membership fee 7 6 Subscription fee to individual market 7 7 Fees for the supply and use of the market access infrastructure 9 8 Unit cost per transaction (Trading Fee) 13 9 Concessions Fees for using the system Change to the financial reporting calendar 27 Annex to General Condition Part II Borsa Italiana Services Version July 22 nd, 2015

4 1 Pricing packages and classification methods For the MTA/ TAH / ETFplus/ SeDeX/ DomesticMOT/ EuroMOT/ AIM Italia - Mercato Alternativo del Capitale (thereafter AIM Italia ) and for the purpose of applying this pricelist, two pricing options have been determined for each market/segment: Package 1 and Package 2. IDEM market has a different pricing scheme based on the volume category the intermediary falls into. Differences according to volume category or pricing package do not apply to the ExtraMOT and MIV markets. The choice of pricing packages shall be communicated by the individual intermediary as per the method outlined in the General Conditions. The choice shall be indicated for each market on which the intermediary is admitted for trading. The chosen package can be different for each market. For this purpose MTA and AIM Italia are considered as one market. Intermediaries wishing to choose a different pricing package from the one previously indicated shall submit a request 15 days prior to the start of each quarter. For quarter we intend the span of time from 1 January to 31 March, 1 April to 30 June, from 1st July to 30 September and from 1 October to 31 December of each year (fiscal year). The request 1 shall be submitted as per the methods outlined in the General Conditions. In such case, the date from which the new pricing package will be applied will be the first day of the next quarterly period. 2 Volume Category For each market where a volume category has been specified (IDEM Market and markets different from IDEM in Pricing Package 2) the category that the intermediary will fall into will be determined by the number of executed orders (for markets different from IDEM in Pricing Package 2)/contracts (for IDEM IDEM Equity segment)/ MWh (Megawattora) (IDEM IDEX segment), and billed, in the previous fiscal year 2. Upon admission to trading on each of these markets, the intermediary will be automatically classified into the lowest volume category. In the event an intermediary exceeds the threshold of the umber of executed orders for the lowest volume category by less than 10%, the intermediary will be automatically classified into the lowest volume category for the following year. In the event an intermediary, classified into the lowest volume category, exceeds the threshold of the number of executed orders during the same year, it will be charged the higher category fee from the month in which the threshold is exceeded. 1 It is possible to submit up to two requests in a year (1January - 31 December). 2 Fiscal year is referred to the span of time from 1 January to 31 December of each year. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

5 In the event that the intermediary classified into the higher volume category does not meet its threshold requirements by the end of the fiscal year, Borsa Italiana will credit the difference in subscription fees between the lowest and highest volume categories, calculated from the beginning of the same year. 3 Application of unit transaction cost For markets different from IDEM, trading fees are applied to each executed order, meaning all trades originated by a single order inserted by the member and performed at the same price. For IDEM Equity segment, the trading fee is charged per contract (lot) traded. For IDEX segment the trading fee is charged per MWh (Megawattora) traded. For AGREX segment the trading fee is charged per metric ton of durum wheat traded. The trading fee includes the cost for concluding a contract on the market and the fee for the related pre-settlement service (X-TRM) (where applicable). 4 Invoicing and payment instructions The annual market membership fee will be charged at the beginning of each year and is not calculated on a pro rata basis. The fees for identification codes of the intermediary used by Borsa Italiana for the configuration of trading platforms 3, for logical linkups 4, for the access to IDEX through the link to the Trayport s GV Portal 5, for the access through Service Providers as well as the subscription fee to individual markets are charged on a monthly basis. The fees for the connectivity services to the markets are charged quarterly in advance, at the beginning of each quarter (January, April, July and October). The quarterly fee is calculated pro-rata on the basis of the annual fee and starts to be charged as from the month of set-up date. In case of termination of the connectivity, the Client shall pay the fees for the entire quarter in which such termination has occurred, it being expressly excluded any pro-rata refund for the period in which the connectivity has not been used. If termination is to occur during the first year from the service set-up, the Client shall pay the entire fees for the first year (12 months from the set-up date). All the fees described in this Price List have to be paid by direct debit from a bank current account, value dated 30 days from the date of issue of the invoice issued by Borsa Italiana. 3 Fees are defined on the basis of the identification codes enabled as of the 15th of each month. 4 Fees for logical linkups are defined on the basis of the number of active linkups as of the 15th of each month. 5 Fees for read-write users are defined on the basis of the number of enabled users as of the 15th of each month. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

6 To this end, within 10 (ten) days from the communication sent by Borsa Italiana of the receipt of the Request for Service, the Party must instruct its bank to pay invoices issued by Borsa Italiana automatically. Clients, not choosing the direct debit, must pay their fees by bank credit transfers within 30 days of the date of issue of the invoice to the current account of Borsa Italiana S.p.A. at Deutsche Bank S.p.A. (branch Via San Prospero 2, Milano) - account number ABI 03104, CAB IBAN IT98Y , SWIFT ADDRESS DEUTITMMMIL. The aforesaid fees, except when otherwise indicated, are exempt from VAT pursuant to Article 10(4) of Presidential Decree 633 of 26 October 1972 and subsequent amendments and Ministerial Resolutions of 7 April 1986 and 150/E of 1 October It is understood that where such exemption is terminated the amount of the fees will be redetermined by applying VAT thereto at the rates in force. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

7 5 Annual market membership fee All Markets IDEX segment only An identification code of the intermediary used by Borsa Italiana for the configuration of trading platforms is assigned to each intermediary. Fee for additional codes is 100 /month/code. 6 Subscription fee to individual market MARKETS DIFFERENT FROM IDEM PRICING PACKAGE 1 MTA and AIM Italia-MAC ETFPlus TAH SeDeX DomesticMOT EuroMOT PRICING PACKAGE 2 Volume category up to executed orders Volume category more than executed orders MTA and AIM Italia /year /year 6 The annual membership fee is not applicable to intermediaries who are members of the EuroMOT only, of the ExtraMOT only, of the MIV only and of the AGREX only. 7 The annual membership fee for IDEX segment only applies also to intermediaries who are members of IDEX and AGREX segments only. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

8 Volume category up to executed orders Volume category from to executed orders Volume category more than executed orders ETFplus /year /year /year The subscription fee for the ETFplus market is reduced by 50% if the intermediary subscribes to the Pricing Package 2 for the MTA and AIM Italia markets. TAH SeDeX /year Volume category up to executed orders Volume category from to executed orders Volume category more than executed orders DomesticMOT /year /year /year EuroMOT IDEM MARKET IDEM Equity segment Volume category up to contracts/year Volume category from to contracts/year Volume category more than contracts/year /year /year /year IDEM MARKET IDEX segment Volume category up to 2.5 TWh/year Volume category from 2.5 TWh/year to 15 TWh/year Volume category more than 15 TWh/year /year /year /year IDEM MARKET AGREX segment Annex to General Condition Part II Borsa Italiana Services July 22 nd,

9 7 Fees for the supply and use of the market access infrastructure 7.1 LOGICAL LINKUPS Linkups to the Millennium - IT trading platform 8 Intermediaries are granted the following number of linkups: 1 Base Front Office CompID per each segment/market/group of markets to which the intermediary has access: MTA/MIV AIM Italia DomesticMOT EuroMOT/ExtraMOT ETFplus SeDeX TAH 1 Back Office CompID, accessing all segments/markets/group of markets above. Specialists, bid specialists and appointed intermediaries on ETFplus are also granted a number of transactions per second ( tps ) which depends on the market and on the number of instruments on which the specialist has undertaken to support liquidity. These transactions shall be used exclusively for the specialist activity. Fees for additional items: Standard Front Office CompID: Advance Front Office CompID: Double Advance Front Office CompID: Base Supervisor CompID Package 9 (max 1): Supervisor CompID: Back-Office CompID: Site receiving the native market data feed 10 : 375 /month/each /month/each /month/each 550 /month 425 /month/each 125 /month/each 375 /month/each Per each segment/market/group of markets, the intermediary can receive a 200 /month reduction, when choosing a Standard or Advance CompID instead of the Base Front Office CompID. In order to apply the fee for Standard Front Office CompIDs, Advance Front Office CompIDs and Supervisory CompIDs, both MTA/MIV/AIM Italia and DomesticMOT/EuroMOT/ExtraMOT are considered as one group of markets. 8 For details on the capacity of granted and additional items, please refer to the Guide to the Parameters for trading on the regulated markets organised and managed by Borsa Italiana. 9 The package includes a Base Supervisor CompID per each segment / market / group of markets to which the intermediary has access. 10 Site with direct connection to the market (BIt Network, Extranex or Co-Location), owned by the intermediary or a Service Provider, through which the intermediary receives the market data feed via the MITCH protocol or the GTP protocol. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

10 7.1.2 Linkups to the SOLA trading platform The intermediaries are granted the following number of linkups to access the IDEM market: 1 Standard Front-Office User 1 Information Channel 11 Market makers (Primary Market Makers, Market Makers and Liquidity Providers) and specialists (Primary Specialist, Specialist and Liquidity Provider Specialist) are also granted: a number of Bulk Quotes transactions calculated according to the number of instruments on which the market maker / specialist has undertaken quoting obligations. These Bulk Quotes can be allocated by the market maker/specialist on one or more Base Quoting Users; Panic Quotes transactions. Fees for additional items: Standard Front-Office User: Advanced Front-Office User: Additional Quoting User 12 : 1 st additional User: 2 nd additional User: 3 rd additional User: Information Channel 13 : Drop Copy User: 550 /month/each /month/each 550 /month 825 /month /month 125 /month/each 125 /month/each GTP linkups Intermediaries are granted: 1 GTP lite linkup, for markets different from IDEM; 1 GTP lite linkup, for IDEM market. The fee for each additional GTP lite linkup is 125 /month. 7.2 Access to IDEX through the link to Trayport s GV Portal (hereinafter Trayport link ) The fees for the use of the Trayport link for accessing the IDEX market include the following 2 components: A fixed fee, including the read only users for receiving the IDEX market data: 300 /month. A fee for each trading read-write user enabled to enter, modify and delete orders on the IDEX market: 500 /month. 11 For the Information received through BTS, the number of Information Channels is set equal to the number of SOLA Front Office Users, accessing the SOLA trading platform through BTS. 12 The fee is applied also in case the market maker/specialist asks for adding the Bulk Quotes of the Additional Quoting User to a Quoting User which is already active. 13 For the Information received through BTS, the number of Information Channels is set equal to the number of SOLA Front Office Users, that access the SOLA trading platform through BTS. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

11 7.3 CONNETTIVITY SERVICES TIO THE MARKETS Services Location Installation fee 14 Annual fee 15 VPN Internet connection /anno 2Mb non-resilient + VPN 17 Milan National International /anno /anno /anno 2Mb resilient Milan National International /anno /anno /anno 10Mb non-resilient 18 Milan National International /anno /anno /anno 10Mb resilient Milan National International /anno /anno /anno 100Mb non-resilient 19 Milan National International /anno /anno /anno 100Mb resilient Milan National International /anno /anno /anno 1Gb resilient Milan National International /anno /anno /anno 14 Installation fees are applied in case of set-up, move, upgrade and downgrade of the connectivity services to the markets. 15 The new annual fee will be applied to clients upon full transition to Point -to-point technology. 16 VPN Lan-to-Lan Internet connection. Internet connection is at the intermediary s expense. 17 VPN Lan-to-Lan Internet connection as back-up. Internet connection is at the intermediary s expense. 18 The 10Mb non-resilient option is available only for back up sites of resilient primary sites or sites in hosting. 19 The 100Mb non-resilient option is available only for back up sites of resilient primary sites or sites in hosting. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

12 The above fees refer to lines installed at on-sites 20. Fees for lines to be installed at off-net sites will be determined by Borsa Italiana according to objective and non-discriminatory criteria 21. Resilient connectivity services include a pair of lines provided by two different carriers. Nonresilient connectivity services include one line only. The fees defined in this paragraph 7.3 are not due if the intermediary uses a network infrastructure already paid to access the markets managed by the London Stock Exchange plc, or hosting services offered by the London Stock Exchange Group. 7.4 Access to markets through a Service Provider In case of access through a Service Provider, in addition to the fees defined in paragraph 7.1, the following fees are due: Markets different from IDEM Market /year per each access through a Service Provider IDEM Market /year per each access through a Service Provider. 20 Borsa Italiana reserves the right to pass through to the Client additional expenses possibly required to deliver the service. 21 According to technical feasibility, connectivity services might be offered at different bandwidths for off -net sites. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

13 8 Unit cost per transaction (Trading Fee) MARKETS DIFFERENT FROM IDEM PRICING PACKAGE 1 MTA and AIM Italia The trading fee for the MTA market and AIM Italia is calculated on the basis of the turnover of each single executed order, as follows. The minimum monthly trading fee (Minimum Activity Charge) is Executed order with value up to : Executed order with value between from to : Executed order with value between from to : Executed order with value over : ETFplus: 0.9 per executed order TAH: 0.7 up to executed orders/year 0.35 over executed orders/year SeDeX : 2 per executed order 1 per executed order for Covered Warrants and Certificates settled with foreign systems of settlement DomesticMOT: 0.9 per executed order The minimum monthly trading fee (Minimum Activity Charge) is 750. EuroMOT: 0.9 per executed order Annex to General Condition Part II Borsa Italiana Services July 22 nd,

14 PRICING PACKAGE 2 Trading fees differ from market to market and decrease in steps with the number of executed orders concluded by each intermediary. MTA and AIM Italia The trading fee for the MTA and AIM Italia is calculated on the basis of the value of each executed order, as follows: Up to executed orders From to executed orders From to executed orders More than executed orders For executed orders with value between and the fee is doubled. For executed orders with value between and the fee is tripled. For executed orders with value over the fee is quadrupled. ETFplus The trading fee for ETFplus 22 is calculated on the basis of the value of each executed order, as follows: Up to executed orders From to executed orders More than executed orders For executed orders with value between and the fee is doubled; For executed orders with value between and the fee is tripled; For executed orders with value over the fee is quadrupled. TAH Up to executed orders More than executed orders Multipliers for executed orders with value above the thresholds set in the paragraph are not applied to executed orders of open-end CIU segment. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

15 SeDeX Up to executed orders From to executed orders More than executed orders For executed orders with value over the fee is doubled. DomesticMOT Up to executed orders From to executed orders From to executed orders More than executed orders EuroMOT Up to executed orders More than executed orders ExtraMOT Market Unit cost per transaction: 1 per executed order Monthly registration fee for Specialist on instruments referred to in Art of the ExtraMOT market Rules: Up to 10 bonds 23 Up to 100 bonds 23 Up to 500 bonds 23 More than 500 bonds /month /month /month The monthly registration fee is a credit on transaction fees for the own account trading activity of the specialist 24. Reached the amount of the registration fee, the unit transaction cost is applied. 23 The number of bonds taken into consideration for the application of the Registration fee is recorded on the 15th of each month. 24 The credit applies to own account transactions in financial instruments referred to in Art of the ExtraMOT market Rules on which the intermediary acts as specialist. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

16 MIV Market Unit cost per transaction: 0.60 per executed order IDEM MARKET IDEM Equity segment The minimum monthly trading fee (MAC the minimum activity charge) is /month 25. FTSE MIB index futures: Up to contracts From to contracts More than contracts FTSE MIB index mini-futures: FTSE 100 index mini-futures: FTSE MIB Dividend index futures : 0.18 /contratto standard 0.18 /contratto standard 0.50 /contratto standard FTSE MIB index options 26 : 0.41 /contratto standard BIG SIZE DEAL For contracts in excess of 100 within a single trade, a reduction of 50% is applied to the unit fee per transaction. Stock options: 0.26 / contratto standard BIG SIZE DEAL For contracts in excess of within a single trade, a reduction of 100% is applied to the unit fee per transaction. Stock futures 27 : 0.25 / contratto standard SMALL SIZE DEAL 28 For any single trade with a number of contracts between 5 and 25, a fixed unit fee per transaction equal to 1.25 is applied, except for actual concessions applied to intermediaries registered in the Register of derivatives market makers and in Register of derivatives specialists. BIG SIZE DEAL For contracts in excess of within a single trade, a reduction of 100% is applied to the unit fee per transaction. Single Stock Dividend futures: 0.20 / contratto standard BIG SIZE DEAL For contracts in excess of 500 within a single trade, a reduction of 100% is applied to the unit fee per transaction. 25 In the first year of activity on the IDEM Equity the MAC is not charged. 26 The trading fee of FTSE MIB index Options is applied to both MIBO options and weekly MIBO options. 27 Trading fees on stock futures are applied both to Italian and Pan-European stock futures independently from the settlement procedures in place. 28 The pricing related to Small Size Deal on Stock Futures is effective since June 1st This pricing scheme will be automatically renewed year by year except in case of different communication by Borsa Italiana to intermediaries in accordance with General Conditions Part I. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

17 IDEM MARKET IDEX segment The minimum monthly trading fee (MAC the minimum activity charge) is 500 /month. Electricity Futures: Aggressive executions /MWh Passive executions /MWh Cross executions /MWh New intermediaries of the IDEX segment are exempted from paying the MAC, in the month of their admission. IDEM MARKET AGREX segment The minimum monthly trading fee (MAC the minimum activity charge) is /month. Durum wheat futures: 0.20 /tonnellata Intermediaries registered in the Register of derivatives market makers and in the Register of derivatives specialists of the AGREX segment are exempted from paying the MAC. New intermediaries of the AGREX segment are exempted from paying the MAC, in the month of their admission. For intermediaries who are members of both the IDEX segment and the AGREX segment, the maximum amount of the MAC is /month. 29 Cross executions derive from orders that can be internal cross or committed cross orders in accordance with art of Rules of the Markets organised and managed by Borsa Italiana Spa. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

18 9 Concessions Annual market membership fee New intermediaries 30 are exempted from the payment for the first 12 months of admission. If the expiration of the waiver does not coincide with the start of a new fiscal year, the annual membership fee is charged the following month on a pro-rata basis 31. Subscription fee to individual markets During the first 12 months of subscription to an individual market, intermediaries are exempted from the payment of the subscription fee 32. IDEM MARKET IDEM Equity segment Proprietary Trading Program Intermediaries subscribing the so called Proprietary Trading Program will receive the following concessions and will be charged a monthly fee. A. Subscribers of the Proprietary Trading Program on FTSE MIB index futures and FTSE MIB index mini-futures The monthly subscription fee is and includes: an upgrade of 3 Standard Front-Office Users used for trading in proprietary account on FTSE MIB index futures and FTSE MIB index mini-futures; a 20% reduction on the unit transaction costs for contracts executed in proprietary account on FTSE MIB index futures. B. Subscribers of the Proprietary Trading Program on FTSE 100 index mini-futures The monthly subscription fee is 500 and includes: an upgrade of 1 Standard Front-Office User used for trading in proprietary account on FTSE 100 index mini-futures; a 40% reduction on the unit transaction costs for contracts executed in proprietary account on FTSE 100 index mini-futures. C. Subscribers of the Proprietary Trading Program on FTSE MIB index futures, FTSE MIB index mini-futures and FTSE 100 index mini-futures The monthly subscription fee is and includes: an upgrade of 4 Standard Front-Office Users used for trading in proprietary account on FTSE MIB index futures, FTSE MIB index mini-futures and FTSE 100 index mini-futures; 30 The waiver does not apply in case the new membership is due to a transfer of activity or in case of firms cancelling membership and then reapplying in the round of 12 months. 31 The pro-rata fee is calculated by reducing the annual fee of a twelfth according to the month following the expiration of the 32 waiver. The waiver does not apply in case the new membership is due to a transfer of activity or in case of firms cancelling membership and then reapplying in the round of 12 months. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

19 a 20% reduction on the unit transaction costs for contracts executed in proprietary account on FTSE MIB index futures; a 40% reduction on the unit transaction costs for contracts executed in proprietary account on FTSE 100 index mini-futures. Intermediaries wishing to choose this program for the different financial instruments or to cancel from it may submit a request 15 days prior to the start of each month. Market Makers and Specialists For intermediaries registered in the Register of derivatives market makers and in Register of derivatives specialists the following concessions will apply to the unit costs per transaction, as defined in chapter 8: Primary Market Maker (a) or Primary Specialist (b) Market Maker (a) or Specialist (b) (a) Liquidity Provider or Liquidity Provider Specialists (b) Designated Market Maker (a) o Designated Specialists (b) FTSE MIB index options (c) 60% 60% 30% 60% Stock options (f) 80% (d) 40% (d) 20% (d) 80% FTSE MIB index minifutures FTSE 100 index minifutures FTSE MIB Dividend index futures 40% % 50% Stock futures 80% (d) Single Stock Dividend futures 50% (e) a) The concession is applied only to transactions entered into for their own account. b) The concession is applied only to transactions entered into for third party accounts deriving from the fulfilment of Specialists obligations. c) Primary Market Maker/Primary Specialist, Market Maker/Specialist, Liquidity Provider/Liquidity Provider Specialist status are available on MIBO Options only; Designated Market Maker/Designated Specialist status is available on weekly MIBO Options only. d) For contracts over within a single trade a concession of 100% will be applied. e) For contracts over 500 within a single trade a concession of 100% will be applied. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

20 f) Primary Market Maker/Primary Specialist, Market Maker/Specialist, Liquidity Provider/Liquidity Provider Specialist status are available on stock options, with the exclusion of weekly stock options; Designated Market Maker/Designated Specialist status is available on weekly stock options only. Front-Office Standard User for new clients interconnected through Direct Market Access (DMA) From 1 April 2015 to 31 March 2016, the intermediaries of the IDEM Equity segment that require the activation of an additional Front-Office Standard User dedicated to the connection of new DMA clients, are granted a 6-month exemption from the payment of the monthly fee of that User from the date of its activation. IDEM MARKET IDEX segment Market Makers e Specialists For intermediaries registered in the Register of derivatives market makers and in Register of derivatives specialists the following concessions will apply to the unit costs per transaction, as defined in chapter 8, for those instruments on which the member is qualified like Primary Market Maker, Primary Specialist, Market Maker, Specialist, Liquidity Provider or Liquidity Provider Specialist: Electricity Futures Executions from aggressive orders/quotes Executions from passive orders/quotes Cross executions Primary Market Maker (a) or Primary Specialist (b) Market Maker (a) or Specialist (b) Liquidity Provider (a) o Liquidity Provider Specialist (b) 50% 25% 25% 100% 25% 100% % 25% 25% a) The concession is applied only to transactions entered into for their own account. b) The concession is applied only to transactions entered into for third party accounts deriving from the fulfilment of Specialists obligations. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

21 IDEM MARKET AGREX segment Market Makers and Specialists For intermediaries registered in the Register of derivatives market makers and in Register of derivatives specialists the following concessions will apply to the unit costs per transaction, as defined in chapter 8: Durum wheat futures Primary Market Maker (a) o Primary Specialist (b) (a) Market Maker Specialist (b) o Liquidity Provider (a) o Liquidity Provider Specialists (b) 50% % a) The concession is applied only to transactions entered into for their own account and generated by quotes and orders, excluding contracts generated by internal cross e committed cross orders. b) The concession is applied only to transactions entered into for third party accounts deriving from the fulfilment of Specialists obligations. MTA INTERNATIONAL Specialist on MTA International Reduction of 75% on the unit transaction cost for transactions deriving from the fulfilment of trading specialist obligations. Liquidity Providers on MTA International Provided an explicit request has been made to Borsa Italiana, 75% reduction on the unit transaction costs for contracts executed in proprietary account may be claimed by intermediaries who manage to provide liquidity for one or more instruments. This concession will be applied on the condition that the intermediary reac hes a minimum monthly market share in terms of passive value of trades executed for their own account on each individual instrument 33. Terms of the concession are set by the Borsa Italiana, with objective criteria, based on the characteristics of the individual instrument. ETFplus and STAR segment Specialists Exemption from the trading fee for transactions deriving from the fulfilment of trading specialist obligations. 33 Calculated as the ratio between the value of passively executed orders traded by the intermediary for their on account and the total market s passively executed orders. Trades executed in auction, the ones executed in trading at close price and contracts generated by committed cross and internal cross orders are excluded from the calc ulation. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

22 Appointed Intermediary on ETFplus Exemption from the trading fee for transactions deriving from the fulfilment of trading appointed intermediary obligations. Liquidity Providers on ETFplus Provided an explicit request has been made to Borsa Italiana, partial or total exemption from the trading fee may be claimed by intermediaries who manage to provide liquidity for one or more instruments by quoting prices and/or placing bids for their own account. This concession will be applied on the condition that the intermediary reaches a minimum monthly market share in terms of total value of trades for each individual instrument 34. Based on the characteristics of the individual instrument involved, Borsa Italiana will determine whether and to what extent a concession may be granted. EuroMOT segment Specialist on EuroMOT Exemption from the trading fee for transactions on Eurobond, ABS, securities of foreign issuers and other debt securities for which the intermediary acts as specialist. 34 Instruments traded on the open-end CIU segment are excluded from this concession. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

23 10 Fees for using the system Markets: MTA, MIV AIM Italia Fees included in this section refer to orders entered or modified in excess of an Order-to-Trade Ratio (OTR or ratio), calculated by member firm, day, and group of instruments. The possible fee due to be over the maximum threshold of the ratio is determined according to the following table: Group of instruments: MTA (listed instruments) Order-to- Trade Ratio (OTR)) Unit fee charged for orders included in each range of the OTR (*): From: 0*OTR to: 1*OTR From: 1*OTR to: 5*OTR From: 5*OTR to: 10*OTR Above: 10*OTR MIV and AIM Italia (*) Maximum daily cap of per member and group of instruments. Specifications for the calculation of the Order-to-Trade Ratio: orders include all orders entered, independently by the outcome, and all changes entered in advance of any execution, partial or total; trades include all executions, independently by the type of orders they derive from; if a member, in accordance to the rules, is the buyer and the seller of the same trade, both the buy and the sell transaction are included in the calculation; If an order participates to the conclusions of more transactions per fractions of the total order quantity, the number of trades includes all partial executions deriving from the same order. All orders entered and all executions are included, independently by the market phase (auctions or continuous trading), type of account (proprietary or agency), type of order (limit orders, market orders, orders with hidden quantity ) or level of aggressiveness (aggressive or passive). Orders entered by members who undertake with Borsa Italiana the obligation to sustain the liquidity of an instrument (Specialists) and related transactions are excluded if executed while performing the role of Specialist. As a consequence, executable quotes and related executions are excluded from the calculation. Members are informed on a daily basis if they exceed the threshold, included the possible fee due in accordance with the usage of the system. Fees are charged monthly on the basis of fees calculated on a daily basis during the previous month. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

24 IDEM Market Makers and Specialists on the SeDex market The fees detailed in this chapter are temporarily suspended since May 16, 2002 and will be applied in case of a sudden and dramatic increase of the number of quotes, in order to safeguard the stability of the trading sytem. FTSE MIB Index Options Primary Market Maker Up to Quotes per day From to Quotes per day From to Quotes per day More than Quotes per day Market Maker Up to Quotes per day From to Quotes per day From to Quotes per day More than Quotes per day Stock Options The number of quotes considered for the purpose of applying these fees is the sum of all the quotes entered daily on each option contract, including those for which market makers are not signed up but for which they choose to enter quotes. Primary Market Maker Up to Quotes per day From toa Quotes per day From to Quotes per day More than Quotes per day Market Maker - Fees for market makers signed up for 10 or less option contracts Up to Quotes per day From to Quotes per day From to Quotes per day More than Quotes per day Annex to General Condition Part II Borsa Italiana Services July 22 nd,

25 - Fees for market makers signed up for between 11 and 20 option contracts: Up to Quotes per day From to Quotes per day From to Quotes per day More than Quotes per day Fees for market makers signed up for more than 20 option contracts: Up to Quotes per day From to Quotes per day From to Quotes per day More than Quotes per day The Electronic Securitised Derivatives Market Two different categories of issuers are defined: a) Up to 500 series quoted b) over 500 series quoted Issuers sub a): the first 100 bids (pdn) for the first 250 listed series are free. Over the limit of 100 bids for each series, up to a maximum of 250 listed series, a fee of 0.05 euro is applied on the basis of the overall daily ratio (without considering the Trading After Hours market) between the number of bids and offers entered and the number of contracts concluded on each working day by each specialist, in excess of an efficiency ratio set at 100. Annex to General Condition Part II Borsa Italiana Services July 22 nd,

26 I.e.: {[Total quotes entered (S 35 *100)] [Total contracts concluded*100] }* 0.05 Issuers sub b): the first 100 bids for the first 250 listed series are free. Over the limit of 100 bids for each series, up to a maximum of 250 listed series, a fee of 0.05 euro is applied, calculated on the basis of the overall daily ratio (without considering the Trading After Hours Market) between the number of bids and offers entered and the number of contracts concluded on each working day by each specialist, in excess of an efficiency ratio set at 50. Such fee will be applied to each order in excess of an efficiency ratio according to the relevant size category. I.e.: {[Total quotes entered (S 36 *100)] [Total contracts concluded*50]}* S S 250 Annex to General Condition Part II Borsa Italiana Services July 22 nd,

27 11 Change to the financial reporting calendar Upon the change of the accounting reference period of Borsa Italiana, from 1 April-31 March to 1 January-31 December, fees and volume categories calculated on an annual basis that are reported in the current Price List will be managed according to the following principles 37 : Period 1 April December 2015 Membership fee The annual membership fee is rephased on a 9-month basis. By way of example, an intermediary that subscribes to all markets of Borsa Italiana will pay an annual membership fee equal to ( /12*9 = ). Subscription fee to individual markets For each market where a volume category has been specified, the category that the intermediary will be assigned to will be determined by the volumes executed in the previous fiscal year (1 April March 2015). The annual fees are rephased on a 9-months basis. By way of example, an intermediary subscribing to MTA and AIM Italia market that has negotiated less than executed orders in the period from 1 April 2014 to 31 March 2015, will be charged an annual subscription fee equal to ( /12*9 = ). Billing will still be on a monthly basis. Unit cost of transaction (Trading Fee) For markets where trading fees are based on a tiered structure, each single tier is rephased on a 9- months basis. By way of example, the first tier of MTA and AIM Italia market is redefined on a threshold of executed orders ( /12*9 = ). Period 1 January December 2016 Subscription fee to individual markets For each market where a volume category has been specified, the category that the intermediary will be assigned to will be determined by the volumes executed in the period from 1 April 2015 to 31 December As a consequence, the thresholds of every volume category are redefined on a 9- months basis. By way of example, the threshold between the first and second volume category of MTA and AIM Italia market is set at executed orders ( /12*9 = ). Hence, an intermediary that will negotiate less than executed orders in the period from 1 April to 31 December 2015 will be charged a subscription fee equal to For IDEX segment, the two thresholds of the volume category of the subscription fee will be rounded up upon the recalibration on a 9-monhts basis. So, the first threshold will be rephased from 2,5 TWh to 2 TWh (instead of 1,875 Twh) and the second threshold will be rephased from 15TWh to 12TWh (instead of 11,25 TWh). Period from 1 January 2017 All fees and volume categories on annul basis will be applied according to the values reported in the current Price List. 37 For further details on the rephasing of annual fees and volume categories, please refer to the paper Change to the financial reporting calendar ( Annex to General Condition Part II Borsa Italiana Services July 22 nd,

28 Annex to General Condition Part II Borsa Italiana Services July 22 nd,

29 July 2015 Borsa Italiana S.p.A. This document contains text, data, graphics, photographs, illustrations, artw ork, names, logos, trade marks, service marks and information ( Information ) connected w ith Borsa Italiana S.p.A. ( Borsa Italiana ). Borsa Italiana attempts to ensure Information is accurate, how ever Information is provided AS IS and on an AS AVAILABLE basis and may not be accurate or up to date. Information in this document may or may not have been prepared by Borsa Italiana but is made available w ithout responsibility on the part of Borsa Italiana. Borsa Italiana does not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the Information. No responsibility is accepted by or on behalf of Borsa It aliana for any errors, omissions, or inaccurate Information in this document. The publication of this document does not represent solicitation, by Borsa Italiana, 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. No action should be taken or omitted to be taken in reliance upon Information in this document. We accept no liability for the results of any action taken on the basis of the Information. Borsa Italiana S.p.A Piazza Affari, Milano w w w.borsaitaliana.it