IN FORCE AS OF JULY 7th, 2014
Price list for trading services
Pursuant to art. 3.3.4 of the Rules, to art. 1300 of the AIM Italia –
Mercato Alternativo del Capitale Membership Rules, to art. 1300 of the
ExtraMOT market Rules and to art.1300 of the TAH market Rules
1. PRICING PACKAGES AND CLASSIFICATION METHODS... 3
2. VOLUME CATEGORY... 3
3. APPLICATION OF UNIT TRANSACTION COST... 4
4. INVOICING AND PAYMENT INSTRUCTIONS... 4
5. ANNUAL MARKET MEMBERSHIP FEE ... 6
6. SUBSCRIPTION FEE TO INDIVIDUAL MARKETS ... 6
7. FEES FOR THE SUPPLY AND USE OF THE MARKET ACCESS INFRASTRUCTURE ... 7
8. UNIT COST PER TRANSACTION (TRADING FEE) ... 12
9. CONCESSIONS ... 16
10. FEES FOR USING THE SYSTEM (IDEM Market Makers and Specialists on the SeDex market). ... 21
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 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 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 1st April to 30th June, from 1st July to 30th September, from 1st October to 31st December and from 1st January to 31st March of each year (fiscal year).
The request1 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 year2.
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 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.
1
It is possible to submit up to two requests in a year (1st April - 31st March).
2
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.
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 platforms3, for logical linkups4, for the access to IDEX through the link to the Trayport’s GV Portal5
, 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 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.
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.
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.
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 460 - Via San Prospero 2, 20121 Milano) - account number 000000770111 ABI 03104, CAB
01600 IBAN IT98Y0310401600000000770111, 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 323352 of 7 April 1986 and 150/E of 1 October 1998. 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. ANNUAL MARKET MEMBERSHIP FEE
ALL MARKETS6 15.000 € IDEX segment only7 2.500 €
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 MARKETS
MARKETS DIFFERENT FROM IDEM
PRICING PACKAGE 1
MTA and AIM Italia ---
ETFplus --- TAH --- SeDeX --- EuroMOT --- DomesticMOT --- PRICING PACKAGE 2 Volume category up to 700.000 executed orders
Volume category more than 700.000 executed orders
MTA and AIM Italia
98.000 € / per year 146.000 € / per year
Volume category up to 200.000 executed
orders
Volume category from 200.001 to 600.000
executed orders
Volume category more than 600.000
executed orders
ETFplus 16.000 € / per year 28.000 € / per year 48.000 € / per 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.
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.
TAH ---
SeDeX 12.000 € / per year
Volume category up to 900.000 executed orders
Volume category from 900.001 to 1.500.000
executed orders
Volume category more than 1.500.000
executed orders
DomesticMOT 22.000 €/ per year 42.000 €/ per year 52.000 €/ per year
EuroMOT ---
IDEM MARKET - IDEM Equity segment
Volume category up to 150.000 contracts/year
Volume category from 150.001 to 2.000.000
contracts/
Volume category more than 2.000.000 contracts/year
6.000€/ per year 36.000€/ per year 48.000€/ per 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
8.000€/year 16.000€/year 26.000€/year
IDEM Market – AGREX segment ----
7. FEES FOR THE SUPPLY AND USE OF THE MARKET
ACCESS INFRASTRUCTURE
7.1. LOGICAL LINKUPS
7.1.1. Linkups to the Millennium - IT trading platform8
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
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.
EuroMOT/ExtraMOT ETFplus
SeDeX TAH
1 Back Office CompID, accessing all segments/markets/market groups above.
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
Advance Front Office CompID: 1.125 €/month/each
Double Advance Front Office CompID: 2.250 €/month/each
Base Supervisor CompID Package9 (max 1):550 €/month/each
Supervisor CompID: 425 €/month/each
Back Office CompID: 125 €/month/each
Site receiving the native market data feed10: 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.
7.1.2. 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 Channel11
Market makers (Primary Market Makers, Market Makers and Liquidity Providers) and specialists (Primary Specialist, Specialist and Liquidity Provider Specialist) are also granted:
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 ITCH protocol or the GTP protocol.
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.
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: 550 €/month/each
Advanced Front-Office User: 1.650 €/month/each
Additional Quoting User12: 1st
additional User: 550 €/month
2nd
additional User: 825 €/month
3rd
additional User and each following: 1.100 €/month
Information Channel13: 125 €/month/each
Drop Copy User14: 125 €/month/each
7.1.3. MDF Linkups and GTP linkups
Intermediaries are granted:
1 MDF linkup, or 1 GTP lite linkup, for markets different from IDEM;
1 MDF linkup, or 1 GTP lite linkup, for IDEM market. The fee for each additional MDF linkup and each additional GTP lite linkup is 125 €/month.
7.2. 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.
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.
14
7.3. CONNECTIVITY SERVICES TO THE MARKETS
Services Location Installation fee15 Annual fee16
VPN Internet connection17 1.000 € 5.000 €/year 2Mb non-resilient + VPN18 Milan 2.000 € 14.000 €/year National 3.000 € 16.000 €/ year International 4.000 € 19.000 €/ year
2Mb resilient Milan 3.000 € 22.000 €/ year
National 4.000 € 26.000 €/ year
International 5.000 € 30.000 €/ year
10Mb non-resilient19 Milan 3.000 € 21.000 €/ year
National 4.000 € 22.000 €/ year
International 5.000 € 24.000 €/ year
10Mb resilient Milan 5.000 € 32.000 €/ year
National 6.000 € 36.000 €/ year
International 7.000 € 44.000 €/ year
100Mb non-resilient20 Milan 9.000 € 38.000 €/ year
National 9.000 € 42.000 €/ year
International 9.000 € 44.000 €/ year
100Mb resilient Milan 16.000 € 52.000 €/ year
National 16.000 € 56.000 €/ year
International 16.000 € 60.000 €/ year
1Gb resilient Milan 30.000 € 130.000 €/ year
National 30.000 € 150.000 €/ year
International 30.000 € 180.000 €/ year
15
Installation fees are applied in case of set-up, move, upgrade and downgrade of the connectivity services to the markets.
16
The new annual fee will be applied to clients upon full transition to Point-to-Point technology. For clients already on Point-to-Point circuits and who will not change their existing connectivity infrastructure, the new pricing will be effective as of July.
17
VPN Lan-to-Lan Internet connection. Internet connection is at the intermediary’s expense.
18
VPN Lan-to-Lan Internet connection as back-up. Internet connection is at the intermediary’s expense.
19
The 10Mb non-resilient option is available only for back–up sites of resilient primary sites or sites in hosting.
20
The 100Mb non-resilient option is available only for back–up sites of resilient primary sites or sites in hosting.
The above fees refer to lines installed at on-net sites21. Fees for lines to be installed at off-net sites will be determined by Borsa Italiana according to objective and non discriminatory criteria22.
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.
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
1.200€ /year per each access through a Service Provider. IDEM MARKET
2.000€/year for each access through a Service Provider.
21
Borsa Italiana reserves the right to pass through to the Client additional expenses possibly required to deliver the service.
22
According to technical feasibility, connectivity services might be offered at different bandwidths for off-net sites.
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 2.167 €.
Executed order with value up to 150 000 € 1 €
Executed order with value between from 150 000€ to 300 000€ 2 € Executed order with value between from 300 000€ to 450 000€ 3 €
Executed order with value over 450 000 €: 4 €
ETFplus: 0.9 € per executed order TAH
0.7 € up to 15.000 executed orders/year
0.35 € over 15.000 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
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 500.000 executed orders From 500.001 to 1.000.000 executed orders More than 1.000.000 executed orders 0.6 € 0.32 € 0.27 €
For executed orders with value between 150.000 and 300.000 € the fee is doubled;
For executed orders with value between 300.000 and 450.000 € the fee is tripled;
For executed orders with value over 450 000 € the fee is quadrupled.
ETFplus
The trading fee for ETFplus23 is calculated on the basis of the value of each executed order, as follows.
Up to 100.000 executed orders From 100.001 to 400.000 executed orders More than 400.000 executed orders 0.34 € 0.28 € 0.26 €
For executed orders with value between 50.000 and 100.000 € the fee is doubled;
For executed orders with value between 100.000 and 150.000 € the fee is tripled;
For executed orders with value over 150.000 € the fee is quadrupled.
TAH
Up to 15.000 executed orders More than 15.000 executed orders
0.7 € 0.35 € SeDeX Up to 50.000 executed orders From 50.001 to 100.000 executed orders More than 100.000 executed orders 0.65 € 0.45 € 0.25 €
For executed orders with value over 100.000€ the fee is doubled
DomesticMOT Up to 180.000 executed orders From 180.001 to 360.000 executed orders From 360.001 to 900.000 executed orders More than 900.000 executed orders 0.75 € 0.55 € 0.45 € 0.4 € 23
Multipliers for executed orders with value above the thresholds set in the paragraph are not applied to executed orders of open-end CIU segment.
EuroMOT
Up to 100.000 executed orders More than 100.000 executed orders
0.9 € 0.4 €
ExtraMOT Market
Unit cost per transaction: 1 € per executed order
Monthly registration fee for Specialist on instruments referred to in Art. 220.4 of the ExtraMOT market Rules:
Up to 100 bonds24 Up to 500 bonds2424 More than 500 bonds2424
1.700 €/month 5.000 €/month 10.000 €/month
The monthly registration fee is a credit on transaction fees for the own account trading activity of the specialist25. Reached the amount of the registration fee, the unit transaction cost is applied.
MIV Market
Unit cost per transaction: 0.60 € per executed order
IDEM MARKET – IDEM Equity
The minimum monthly trading fee (MAC – the minimum activity charge) is 1.000 €/month26
.
FTSE MIB index futures Up to 100.000 Contracts From 100.001 to 250.000 contracts More than 250.000 Contracts 0.5 € 0.4 € 0.3 €
FTSE MIB index mini-futures 0.18 € per contract
FTSE 100 index mini-futures 0.18 € per contract
FTSE MIB Dividend index futures 0.50 € per contract
FTSE MIB index options27 0.41 € 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
24
The number of bonds taken into consideration for the application of the Registration fee is recorded on the 15th of each month.
25
The credit applies to own account transactions in financial instruments referred to in Art. 220.4 of the ExtraMOT market Rules on which the intermediary acts as specialist.
26
In the first year of activity on the IDEM Equity the MAC is not charged.
27
The trading fee of FTSE MIB index Options is applied to both MIBO options and weekly MIBO options.
Stock options 0.26 € per contract BIG SIZE DEAL
For contracts in excess of 1.000 within a single trade, a reduction of 100% is applied to the unit fee per transaction
Stock futures28 0.25 € per contract
SMALL SIZE DEAL29
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 1.000 within a single trade, a reduction of 100% is applied to the unit fee per transaction
Single Stock Dividend futures: 0.20 € per contract
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
IDEM MARKET – IDEX
The minimum monthly trading fee (MAC – the minimum activity charge) is 500 €/month.
Electricity Futures:
Aggressive executions 0.006 €/MWh
Passive executions 0.003 €/MWh
Cross executions30 0.0045 €/MWh
IDEM MARKET – AGREX
The minimum monthly trading fee (MAC – the minimum activity charge) is 1.000 €/month.
Durum wheat futures: 0.20 €/metric ton
For intermediaries who are members of both IDEX segment and AGREX segment, the total MAC is 1.000 €/month.
28
Trading fees on stock futures are applied both to Italian and Pan -European stock futures independently from the settlement procedures in place.
29
The pricing related to Small Size Deal on Stock Futures is effective since June 1st 2009. 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.
30
Cross executions derive from orders that can be internal cross or committed cross orders in accordance with art. 5.3.5 of Rules of the Markets organised and managed by Borsa Italiana Spa.
9. CONCESSIONS
ANNUAL MARKET MEMBERSHIP FEE
New intermediaries31 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 basis32.
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 fee33.
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 2.000 € 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 mini-futures
The monthly subscription fee is 500 € and includes:
31
The definition “new intermediaries” includes members admitted to trading in Borsa Italiana for the first time as of December 2010. 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 .
32
The pro-rata fee is calculated by reducing the annual fee of a twelfth according to the month following the expiration of the waiver.
33
The exemption is applied to new subscription as of December 2010. 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 .
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 2.000 € 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;
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) Liquidity Provider(a) or Liquidity Provider Specialist(b) Designated Market Maker(a) or Designated 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% - - FTSE 100 index mini-futures 60% FTSE MIB Dividend index futures 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 1.000 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.
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, 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
Primary Market Maker(a) or Primary
Specialist(b)
Market Maker(a) or Specialist(b)
Liquidity Provider(a) or Liquidity Provider Specialist(b) Executions from aggressive orders/quotes 50% 25% 25% Executions from passive orders/quotes 100% 25% 100% Cross executions 33.333% 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.
NEW INTERMEDIARIES UP TO 31ST JULY 2014
For IDEX new intermediaries that successfully complete the application process to become members of the IDEX segment by 31st July 2014, the following concessions are applied:
Exemption from the payment of the annual market membership fee extended to 24 months for IDEX-only members;
Exemption from the payment of the annual subscription fee to the IDEX segment extended to 24 months;
Introduction of a 5.000 €/year discount in relation to connectivity services dedicated to the IDEX segment-only for 24 months.
If the expiration of the exemptions does not coincide with the start of a new fiscal year, the annual fees will be charged the following month on a pro-rata basis.
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.
Primary Market Maker(a) or Primary
Specialist(b)
Market Maker(a) or Specialist
(b)
Liquidity Provider (a) or Liquidity Provider Specialist
(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.
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 reaches a minimum monthly market share in terms of passive value of trades executed for their own account on each individual instrument34
.
Terms of the concession are set by the Borsa Italiana, with objective criteria, based on the characteristics of the individual instrument.
34
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 calculation.
STAR and ETFplus
Specialists
Exemption from the trading fee for transactions deriving from the fulfilment of trading specialist obligations.
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 instruments35 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.
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10. FEES FOR USING THE SYSTEM
MARKETS: MTA, MIV and 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: 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 MTA (listed instruments) 100 0 €0.01 €0.02 €0.025 MIV and AIM
Italia
40 0 €0.01 €0.02 €0.025
(*) Maximum daily cap of €1 000 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.
IDEM Market Make rs 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 55.000 Quotes per day From 55.001 to 60.000 Quotes per day From 60.001 to 70.000 Quotes per day More than 70.001 Quotes per day --- 0.06 € 0.1 € 0.7 € Market Maker Up to 40.000 Quotes per day From 40.001 to 45.000 Quotes per day From 45.001 to 55.000 Quotes per day More than 55.001 Quotes per day --- 0.06 € 0.1 € 0.7 € 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 300.000 Quotes per day From 300.001 toa 320.000 Quotes per day From 320.001 to 350.000 Quotes per day More than 350.001 Quotes per day --- 0.06 € 0.1 € 0.7 €
Market Maker
- Fees for market makers signed up for 10 or less option contracts:
Up to 75.000 Quotes per day From 75.001 to 85.000 Quotes per day From 85.001 to 100.000 Quotes per day More than 150.000 Quotes per day --- 0.06 € 0.1 € 0.7 €
- Fees for market makers signed up for between 11 and 20 option contracts:
Up to 120.000 Quotes per day
From 120.001 to 130.000 Quotes per day From 130.001 to 140.000 Quotes per day More than 140.000 Quotes per day --- 0.06 € 0.1 € 0.7 €
- Fees for market makers signed up for more than 20 option contracts:
Up to 150.000 Quotes per day
From 150.001 to 160.000 Quotes per day From 160.001 to 170.000 Quotes per day More than 170.001 Quotes per day --- 0.06 € 0.1 € 0.7 €
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.
i.e.:
[Total quotes entered – (S36*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 – (S37*100)] – [Total contracts concluded*50]* 0.05 36 S 250 37 S 250
June 2014 Borsa Italiana S.p.A.
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Borsa Italiana S.p.A Piazza Affari, 6
