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NameBorsa Italiana (Euronext)
Number of listed companies398
Domestic market capitalization1,610,000 million US$
SSE Partner ExchangeYes
Has annual sustainability reportYes
  • There is a chapter in the annual report dedicated to sustainability activities, find all reports here.

ESG reporting required as a listing ruleYes
The Non-financial Reporting Directive (NFRD) applies to the members of the European Union.
Has written guidance on ESG reportingYes

Offers ESG related trainingYes
  • Events dedicated to Sustainable Finance organized by Borsa Italiana can be found here.
  • More ESG-related courses are available on the Academy website

Market covered by sustainability-related indexYes
  • MIB ESG Index: The MIB ESG index combines measurement of economic performance with ESG considerations, in line with the United Nations (UN) Global Compact principles2. The composition of the index is based on ESG assessments performed by V.E, part of Moodys ESG Solutions, who engage with issuers on their ESG performance.

Has sustainability bond listing segmentYes
Find more information here: Green and Social Bonds

Has SME listing platformYes
Euronext Growth, Euronext Access, Euronext Access+. More information here

Women on boards mandatory minimum ruleYes
Additional information

Organizational model of stock exchangeBorsa Italiana S.p.A., reckoning that a fair and transparent running of the company, consistent with its mission, calls for a suitable process of identification, management and monitoring of the main company risks and the adoption and effective implementation of models capable of preventing commission of the penal offences, approved an Organizational, Management and Control Model, designed to prevent these offences, pursuant to legislative decree of 8 June 2003, which introduced the concept of administrative responsibility for companies, resulting from offences committed in the interest or to the advantage of the company itself by individuals in apical position or by employees subject to the direction or supervision of one of the aforesaid persons. More details here.

Regulatory bodies

Regulatory modelThe new segment of Borsa Italiana is the result of important regulatory changes introduced in 2012 with the Decreto Sviluppo and the Decreto Sviluppo-Bis and enriched later during 2013 and 2014 with Piano Destinazione Italia,Decreto Competitivit 2014 and IVASS Regulations.

These innovations have the purpose to facilitate access to capital markets for Italian private companies, other than micro enterprises, particularly sensitive in times of financial crisis, given the average composition of their funding sources strongly focused on short-term bank debt. Two directions have been taken. On one side, to facilitate companies using capital instruments in order to reach a new equilibrium in the liabilities composition. On the other side, to direct institutional investors towards the real italian economy.

For more detail visit: The regulatory framework Borsa Italiana

About the stock exchange

The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugne de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808. It operated under public ownership until 1998, when it was privatized. In 1997, all the Italian stocks were merged. Before that year, other smaller stocks exchanges were based in Naples, Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, and Palermo. In 1991, the electronic exchanges were approved, and in 1994, the market with grids (A,B,C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover, thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.

On 18 September 2020, the London Stock Exchange Group entered into exclusive talks to sell the Italian Bourse to Euronext. On 29 April 2021, following the entry of CDP Equity and Intesa San Paolo (Italian institutional investors) as shareholders of Euronext, the European group assumed control of the company.

For more detail visit the history of Borsa Italiana