Since 1994, Borsa Italiana has operated MOT, the electronic bond and government securities market. Recently, EuroMOT was introduced for the trading of Eurobonds, foreign bonds and asset-backed securities. EuroMOT is a screen-based system that accommodates trades in minimum lots or multiples thereof. The system is available to investor's as well as dealers.
Trading is conducted in two stages.
The first stage is the open auction, which allows as many bids and offers as possible to be matched at a single price. The second stage is continuous trading, during which trades are made by matching opposing bids and offers available on the market. Orders are executed with an automatic matching procedure according to price and time priority. Trading may be conducted by participants who are authorized to trade and who have signed the membership agreement for markets regulated and managed by Borsa Italiana. In addition, certain authorized intermediaries act as specialists, whose ongoing task is to provide bid and offer prices in a given set of securities, with a maximum spread and a quantity established by Borsa Italiana.