Price list for trading services

Transcription

1 IN FORCE AS OF OCTOBER 8 th, 2012 Price list for trading services Pursuant to art of the Rules, to art of the AIM Italia Mercato Alternativo del Capitale Membership Rules, to art. 25 of the Rules of MAC,to art of the ExtraMOT market Rules and to art.1300 of the TAH market Rules Version December 1, 2008

2 1. PRICING PACKAGES AND CLASSIFICATION METHODS VOLUME CATEGORY APPLICATION OF UNIT TRANSACTION COST INVOICING AND PAYMENT INSTRUCTIONS ANNUAL MARKET MEMBERSHIP FEE SUBSCRIPTION FEE TO INDIVIDUAL MARKETS FEES FOR THE SUPPLY AND USE OF THE MARKET ACCESS INFRASTRUCTURE UNIT COST PER TRANSACTION (TRADING FEE) CONCESSIONS FEES FOR USING THE SYSTEM (IDEM Market Makers and Specialists on the SeDex market)

3 1. PRICING PACKAGES AND CLASSIFICATION METHODS For the MTA/ TAH / ETFplus/ SeDeX/ DomesticMOT/ EuroMOT/ AIM Italia - Mercato Alternativo del Capitale/MAC 1 and for the purpose of applying this price-list, 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, ETFplus and AIM Italia - MAC are considered as one market. Intermediaries wishing to choose a different pricing package from the one previously indicated shall submit a request 15 s prior to the start of each quarter. For quarter we intend the span of time from 1 st April to 30 th June, from 1 st July to 30 th September, from 1 st October to 31 st December and from 1 st January to 31 st March of each year (fiscal year). The request 2 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 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 3. Upon admission to trading on each of these markets, the intermediary will be automatically classified into the lowest volume category Hereinafter will be referred to AIM Italia - MAC to mean AIM Italia/Mercato Alternativo del Capitale and MAC jointly. It is possible to submit up to two requests in a year (1 st April - 31 st March). Fiscal year is referred to the span of time from 1 April to 31 March of each year. 3

4 In the event an intermediary exceeds the threshold of the number of executed orders for the lowest volume category by less than 10%, the intermediary will remain in 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. 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 4. 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 logical linkups 5, for the access to IDEX through the link to the Trayport s GV Portal 6, 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 (April, July, October and January) The entry into force of the AGREX fees is subject to the start of trading on the segment. Fees for logical linkups are defined on the basis of the number of active linkups as of the 15 th of each month. Fees for read-write users are defined on the basis of the number of enabled users as of the 15 th of each month. 4

5 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 setup, 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 s from the date of issue of the invoice issued by Borsa Italiana. To this end, within 10 (ten) s 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 s of the date of issue of the invoice to the current account of Borsa Italiana S.p.A. with Intesa SanPaolo S.p.A. (branch Financial Institutions , Via Langhirano 1/a, Parma) account number , ABI 03069, CAB 12711, IBAN IT22 O , SWIFT ADDRESS BCITITMMFSS. 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. 5

6 5. ANNUAL MARKET MEMBERSHIP FEE ALL MARKETS IDEX segment only SUBSCRIPTION FEE TO INDIVIDUAL MARKETS MARKETS DIFFERENT FROM IDEM PRICING PACKAGE 1 MTA, AIM Italia MAC ETFplus TAH SeDeX EuroMOT DomesticMOT / per year PRICING PACKAGE 2 MTA, AIM Italia - MAC Volume category up to Volume category more than executed orders executed orders / per year / per year ETFplus --- TAH --- SeDeX / per year Volume category up to Volume category more than executed orders executed orders DomesticMOT / per year / per year EuroMOT The annual membership fee is not applicable to intermediaries who are members of the EuroMOT only, of the ExtraMOT only, of the MIV only, of the MAC only and of the AGREX only. The annual membership fee for IDEX segment only applies also to intermediaries who are members of IDEX and AGREX segments only. 6

7 IDEM MARKET - IDEM Equity segment Volume category up to contracts/year Volume category from to contracts/ Volume category more than contracts/year / per year / per year / per year IDEM MARKET IDEX segment Volume category up to 1 Volume category from 1 Volume category more TWh/year TWh/year to 15 TWh/year than 15 TWh/year /year /year /year IDEM Market AGREX segment FEES FOR THE SUPPLY AND USE OF THE MARKET ACCESS INFRASTRUCTURE 7.1. LOGICAL LINKUPS Linkups to the Millennium - IT trading platform 9 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 - MAC DomesticMOT EuroMOT/ExtraMOT ETFplus SeDeX TAH 1 Back Office CompID, accessing all segments/markets/market groups above. 9 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. 7

8 Specialists and bid specialists 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: 375 /month/each 10 Advance Front Office CompID: /month/each Base Supervisor CompID Package 11 (max 1): 550 /month/each Supervisor CompID: 425 /month/each Back Office CompID: 125 /month/each Site receiving the native market data feed 12 : 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-MAC and DomesticMOT/EuroMOT/ExtraMOT are considered as one group of markets Linkups to the SOLA trading platform Intermediaries are granted the following number of linkups to access the IDEM market: 1 Standard Front-Office User 1 Information Channel 13 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 Until December 31 st, 2012, two additional Standard Front Office CompIDs to access TAH market will be excluded from the calculation of the monthly fee. The package includes a Base Supervisor CompID per each segment / market / group of markets to which the intermediary has access. 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 ITCH protocol. 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. 8

9 allocated by the market maker/specialist on one or more Base Quoting Users; Panic Quotes transactions. Fees for additional items: Standard Front-Office User: 550 /month/each Advanced Front-Office User: /month/each Additional Quoting User 14 : 1 st additional User: 550 /month 2 nd additional User: 825 /month 3 rd additional User and each following: /month Information Channel 15 : 125 /month/each Drop Copy User 16 : 125 /month/each MDF Linkups Intermediaries are granted: 1 MDF linkup for markets different from IDEM; 1 MDF linkup for IDEM market. The fee for each additional MDF linkup is 125 /month Access to IDEX through the link to the 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 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. 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. The maximum number of Drop Copy Users for each intermediary is 2. 9

10 7.3. CONNECTIVITY SERVICES TO THE MARKETS Services Location Installation fee 17 Annual fee VPN Internet /year connection 18 2Mb non-resilient + Milan, Turin, Rome /year VPN 19 National / year International / year 2Mb resilient Milan, Turin, Rome / year National / year International / year 10Mb non-resilient 20 Milan, Turin, Rome / year National / year International / year 10Mb resilient Milan, Turin, Rome / year National / year International / year 40Mb non-resilient 21 Milan / year National / year International / year 40Mb resilient Milan / year National / year International / year 100Mb non-resilient 22 Milan / year National / year International / year 100Mb resilient Milan / year National / year International / year 1Gb resilient Milan / year National / year International / year The above fees refer to lines installed at on-net sites 23. Fees for lines to be installed at off-net sites will be determined by Borsa Italiana according to objective and non discriminatory criteria Installation fees are applied in case of set-up, move, upgrade and downgrade of the connectivity services to the markets. VPN Lan-to-Lan Internet connection. Internet connection is at the intermediary s expense. VPN Lan-to-Lan Internet connection as back-up. Internet connection is at the intermediary s expense. The 10Mb non-resilient option is available only for back up sites of resilient primary sites or sites in hosting. The 40Mb non-resilient option is available only for back up sites of resilient primary sites or sites in hosting. The 100Mb non-resilient option is available only for back up sites of resilient primary sites or sites in hosting. 10

11 Resilient connectivity services include a pair of lines provided by two different carriers. Non-resilient 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 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 /year per each access through a Service Provider. IDEM MARKET /year for each access through a Service Provider Borsa Italiana reserves the right to pass through to the Client additional expenses possibly required to deliver the service. According to technical feasibility, connectivity services might be offered at different bandwidths for off-net sites. 11

12 8. UNIT COST PER TRANSACTION (TRADING FEE) MARKETS DIFFERENT FROM IDEM PRICING PACKAGE 1 MTA and AIM Italia - MAC The trading fee for the MTA market and AIM Italia - MAC is calculated on the basis of the turnover of each single executed order, as follows. The minimum monthly trading fee (the 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 : 4 ETFplus: 1 for 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 EuroMOT: 0.9 per executed order 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 - MAC The trading fee for the MTA and AIM Italia - MAC is calculated on the basis of the value of each executed order, as follows. Up to From to More than executed orders executed orders executed orders For executed orders with value between and the fee is doubled; 12

13 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 is calculated on the basis of the value of each executed order, as follows. Up 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 SeDeX Up to executed orders More than executed orders 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 More than executed orders EuroMOT Up to executed orders More than executed orders ExtraMOT Market Unit cost per transaction: 1 per executed order 13

14 Monthly registration fee for Specialist on instruments referred to in Art of the ExtraMOT market Rules: Up to 100 bonds 25 Up to 500 bonds 25 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 26. Reached the amount of the registration fee, the unit transaction cost is applied. MIV Market Uniti cost per transaction: 0.60 per executed order IDEM MARKET IDEM Equity The minimum monthly trading fee (MAC the minimum activity charge) is /month 27. FTSE MIB index futures Up to From to More than Contracts contracts Contracts FTSE MIB index mini-futures 0.18 per contract FTSE 100 index mini-futures per contract FTSE MIB Dividend index futures 0.50 per contract FTSE MIB index options per contract 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 per contract 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 per contract The number of bonds taken into consideration for the application of the Registration fee is recorded on the 15 th of each month. 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. In the first year of activity on the IDEM Equity the MAC is not charged. Up to 28 December 2012, trading fees on FTSE 100 index mini-futures will be waived. The trading fee of FTSE MIB index Options is applied to both MIBO options and weekly MIBO options. 14

15 SMALL SIZE DEAL 31 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 IDEM MARKET IDEX The minimum monthly trading fee (MAC the minimum activity charge) is 500 /month. Electricity Futures: /MWh BIG SIZE DEAL A 30% reduction is applied to the unit fee per transaction on the number of MWh exceeding 80 GWh within a single trade. IDEM MARKET AGREX 32 The minimum monthly trading fee (MAC the minimum activity charge) is /month. Durum wheat futures: 0.20 /metric ton For intermediaries who are members of both IDEX segment and AGREX segment, the total MAC is /month Trading fees on stock futures are applied both to Italian and Pan-European stock futures independently from the settlement procedures in place. The pricing related to Small Size Deal on Stock Futures is effective since June 1 st 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. The entry into force of the AGREX fees is subject to the start of trading on the segment. 15

16 9. CONCESSIONS ANNUAL MARKET MEMBERSHIP FEE New intermediaries 33 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 34. The annual membership fee of 15,000 is discounted by 20% to intermediaries that are also intermediaries of the London Stock Exchange Plc, paying the corresponding fee through the same legal entity. 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 35. IDEM MARKET IDEM Equity 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: 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 minifutures 36 The monthly subscription fee is 500 and includes: The definition new intermediaries includes members admitted to trading in Borsa Italiana for the first time as of December 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. The pro-rata fee is calculated by reducing the annual fee of a twelfth according to the month following the expiration of the waiver. The exemption is applied to new subscription as of December 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. Up to 28 December 2012, trading fees on FTSE 100 index mini-futures and monthly subscription fees will be waived. 16

17 1 upgraded Standard Front-Office User 37 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: 1 upgraded Standard Front-Office User 38 used for trading in proprietary account on FTSE MIB index futures, FTSE MIB index mini-futures and FTSE 100 index mini-futures; An upgrade of 3 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; 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 39. Intermediaries wishing to choose this program for the different financial instruments or to cancel from it may submit a request 15 s 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) Liquidity Provider (a) or Liquidity Provider Specialist (b) FTSE MIB index options (c) 60% 60% 30% 60% Stock options 80% (d) 40% (d) 20% (d) FTSE MIB index mini-futures 40% - - Designated Market Maker (a) or Designated Specialist (b) Up to 31 March 2013, the Front-Office User, and its upgrade, will be included in the Proprietary Trading Program on FTSE 100 index mini-futures. Starting from April, 1 st 2013, unless the offer is extended, the fee for 1 Standard Front-Office User will start to be charged. The upgrade will continue to be included in the Program. Up to 31 March 2013, the Front-Office User, and its upgrade, will be included in the Proprietary Trading Program on FTSE 100 index mini-futures. Starting from April, 1 st 2013, unless the offer is extended, the fee for 1 Standard Front-Office User will start to be charged. The upgrade will continue to be included in the Program. Up to 28 December 2012, trading fees on FTSE 100 index mini-futures will be waived. 17

18 FTSE 100 index mini-futures 60% (e) FTSE MIB Dividend index 50 % - - futures Stock futures 80% (d) - - ( 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 ) Up to 31 March 2013, the reduction is 100%. IDEM MARKET IDEX 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. Electricity Futures Primary Market Maker (a) or Primary Specialist (b) Market Maker (a) or Specialist (b) Liquidity Provider (a) or Liquidity Provider Specialist (b) Quotes: 100% (c) Other: 50% (c) 25% (d) 20% (d) ( 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 ) Unit costs per transaction, generated by quotes will be reduced by 100%. Unit costs per transaction, generated by other orders will be reduced by 50%. ( d ) For MWh exceeding 80 GWh within a single trade a concession of 30% will be applied. 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. 18

19 Primary Market Maker (a) o Primary Specialista (b) Market Maker (a) o Specialista (b) Liquidity Provider (a) o Liquidity Provider Specialista (b) Durum wheat futures 50% - 25% ( 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. STAR and ETFplus Specialists Exemption from the trading fee for transactions deriving from the fulfilment of trading specialist 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. Based on the characteristics of the individual instrument involved, Borsa Italiana will determine whether and to what extent a concession may be granted. EuroMOT Specialists 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. 19

20 10. FEES FOR USING THE SYSTEM MARKETS: MTA, MIV, AIM Italia - MAC 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,, 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) MIV, AIM Italia - MAC Order-to- Trade Unit fee charged for orders included in each range of the OTR (*) : Ratio from: 0*OTR from: 1*OTR from: 5*OTR above (OTR) to: 1*OTR to: 5*OTR to: 10*OTR 10*OTR (*) 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. 20

21 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 From to From to More than Market Maker Up to From to From to More than 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 From toa From to More than Market Maker - Fees for market makers signed up for 10 or less option contracts: Up to From to From to More than

22 Fees for market makers signed up for between 11 and 20 option contracts: Up to From to From to More than Fees for market makers signed up for more than 20 option contracts: Up to From to From to More than 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 by each specialist, in excess of an efficiency ratio set at 100. i.e.: 22

23 {[Total quotes entered (S 40 *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 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 41 *100)] [Total contracts concluded*50]}* S 250 S

24 December 2011 Borsa Italiana S.p.A. 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, AGREX, BIt Club, Academy, MiniFIB, DDM, EuroMOT, Market Connect, NIS, Borsa Virtuale, ExtraMOT, MIV ETF Plus, 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 nondiscriminatory 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. Borsa Italiana S.p.A Piazza Affari, Milano 24