On Nov. 24, 2025, ITA BRS issued notice on amendments to Euronext Milan rules.
ITA Consob Resolution 23537 of Apr. 30, 2025, approved amendments to the Market Rules adopted by ITA BRS Board of Directors at its meeting of Mar. 26, 2025.
The changes described in the notice 52931 will come into force on Dec. 8, 2025.
To expand functionalities available in Optiq® trading system to offer new service of uncrossing price execution of its opening, closing auctions, complementary to existing Trading-At-Last service, via new type of order Auction Volume Discovery (AVD) order.
AVD orders may be entered into system at any time in trading day, will remain parked, without interacting with Central Order Book, until system determines actual opening or closing auction price; once price for which they are eligible known, may be executed.
That is, executed against any remaining quantity not executed at the auction price (imbalance) or against other AVD orders in the system; further details are provided.
On Oct. 11, ITA BRS issued notice on changes to some markets' rules.
ITA BRS issued Notice 42789 of amendments to market rules and related instructions.
The changes affect ETFPLUS Market, Euronext Milan Market, MIV Milan and MOT Markets and Euronext Derivative Milan Market and are effective as of Oct. 28, 2024.
Overview
ITA Consob resolution 23249 of Sep. 18, 2024 approved the amendments to the Rules of Markets organized, managed by ITA BRS, adopted by its Directors Board on Jul. 23.
All markets: issuer obligations regarding CSD exchange.
ETFPlus
Introduction of Professional Segment; fine tuning list of underlying assets; elimination of publication of iNAV for admission to listing of ETFs and related disclosure obligations.
Introduction and revocation for ETFs; simplification of documentation required at the time of the application for admission–market maker form.
Euronext Milan
Fine tuning relating to procedure for admission to listing in the case of an option offer pursuant to article 2441 of the Italian Civil Code.
MIV Milan and MOT
Introduction of possibility to accept orders for sale from non-professional entities in case of instruments listed in Professional Segment of the mentioned markets.
Euronext Derivative Milan
Fine tuning of wording and to strike generation table and to time validity parameters.
MOT
Review of timing in case of admission on basis of a program; introduction of limitation of participation in distribution on market to certain participants admitted to trading (amendment extends to Euronext Access Milan Market Regulations).
Elimination of reference to Trading Manual; review of application forms, simplification of the documentation to be attached.
Effectiveness
Changes effective on Oct. 28, 2024.
Nov. 2024 EFTPlus Market Rules
On Nov. 6, 2024, ITA BRS issued notice 46333 on changes to EFTPlus Market Rules.
Recalls ITA Consob resolution 22747 of Jun. 2023 approved amendments to Market Rules adopted by ITA BRS Board at its meeting of May 23, 2024.
Changes in notice, that will come into force on Nov. 18, 2024, mainly relate to BoB.
I.e. introduce Best of Book service dedicated to retail customers of ETFplus Market.
Amend typo in art 4.6.3 (delete reference to art 4503/3A (Post-trade transparency) of Euronext's Harmonized Book I, re post-trade transparency requirements in art 4.6.2).
Jan. 2025 Market Rules Change
On Jan. 24, 2025, ITA BRS issued notice 3337 on changes to EFTPlus Market Rules.
ITA Consob res 23399 of Jan. 22, 2025 approved amendments to Rules of Markets organized and managed by ITA BRS adopted by Board at meeting on Dec. 20, 2024.
The changes described in notice (tracked-changes) come into force on Jan. 27, 2025.
Feb. 2025 Amended Rules
On Feb. 13, 2025, ITA BRS issued notice 6621 on changes to some markets' rules.
Consob Resolution 23399 of Dec. 2025, approved amendments to Rules of Markets organised and managed by ITA BRS, and relating Instructions approved in Dec. 2024.
ITA Consob letter of Jan. 22, 2025 also approved to amendments to Instructions to the Euronext Derivatives Market Rules, changes described come in force on Feb. 24, 2025.
ETFplus Market: requirements for ETCs/ETNs (amendment to SeDeX Market Rules), harmonization at Group level of rules re management of corporate actions for ETPs.
Euronext Derivatives Market: KID deletion of conduct rule, deemed to be ultra vires in view of new EU regulatory landscape; exclusion of RFCs from calculation of minimum and maximum prices in the same way as negotiated transactions.
MOT Market: unrated ABS (or ABS rated below investment grade) on Professional Segment of MOT: introduction of possibility of listing unrated ABS tranches on Professional Segment of MOT, subject to certain requirements and declarations.
Euronext Milan and Euronext MIV Milan: changes made to share listing regime, to simplify and harmonize with Euronext Group rules.
Instructions to Euronext Derivatives Market: fine tuning with reference to rules of the transmission of orders to market and trading of Options on FTSE MIB Index.
Changes described above are reflected in tracked-changes version included in notice.
Recalls also that Consob Res 23041 of Mar. 2024 approved changes to Reg of Markets Organized and Managed by ITA BRS of Nov. 2023 re procedure to ascertain violations.
Oct. 2025 ETFplus Market
On Oct. 14, 2025, ITA BRS issued notice 46168 re instructions to market rules.
Per Consob Resolution 23683 of Oct. 1, published Oct. 9, 2025, in force since Oct. 10, (#272341) that re ETFs, removed requirement to draft and publish listing document for EU UCITS and reserved open-ended AIFs managed by EU companies in Italy.
Thus, listing document is removed from annexes to application form for admission of foreign ETFs to the ETFplus market; the mentioned changes apply as of Oct. 15, 2025.
Nov. 2025 Euronext Milan
On Nov. 24, 2025, ITA BRS issued notice on amendments to Euronext Milan rules.
ITA Consob Resolution 23537 of Apr. 30, 2025, approved amendments to the Market Rules adopted by ITA BRS Board of Directors at its meeting of Mar. 26, 2025.
The changes described in the notice 52931 will come into force on Dec. 8, 2025.
To expand functionalities available in Optiq® trading system to offer new service of uncrossing price execution of its opening, closing auctions, complementary to existing Trading-At-Last service, via new type of order Auction Volume Discovery (AVD) order.
AVD orders may be entered into system at any time in trading day, will remain parked, without interacting with Central Order Book, until system determines actual opening or closing auction price; once price for which they are eligible known, may be executed.
That is, executed against any remaining quantity not executed at the auction price (imbalance) or against other AVD orders in the system; further details are provided.
Regulators
ITA BRS
Entity Types
B/D; Corp; Exch
Reference
Nt 52931, 11/24/2025; Nt 46168, 10/14/2025; Nt 6621, 2/13/2025; Nt 3337, 1/24/2025; Nt 46333, 11/6/2024; Nt 42789, 10/11/2024; Res 23249, 9/18/2024
