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Borsa Italiana (Euronext)

Name Borsa Italiana (Euronext)
Country Italy
Number of listed companies 398
Domestic market capitalization 1610000 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule No

Has written guidance on ESG reporting Yes

Offers ESG related training Yes

  • Events dedicated to Sustainable Finance organized by Borsa Italiana can be found here.

Market covered by sustainability-related index Yes

  • 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 Moody’s ESG Solutions, who engage with issuers on their ESG performance.

Has sustainability bond listing segment Yes

Find more information here: Green and Social Bonds

Has SME listing platform Yes

Euronext Growth, Euronext Access, Euronext Access+. More information here

Women on boards mandatory minimum rule Yes

Additional information

Organizational model of stock exchange
Regulatory bodies

Regulatory model
The 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 Competitività 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 Eugène 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

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include: 

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.