Company Presentation - himtf.com · Luigi Luttazzi S.p.A. becomes shareholder with 25% of Hi-Mtf...
Transcript of Company Presentation - himtf.com · Luigi Luttazzi S.p.A. becomes shareholder with 25% of Hi-Mtf...
www.himtf.com
Company Presentation
2018 Hi-MTF Sim S.p.A. | P.IVA 05755500963 | All Rights Reserved
www.himtf.com2
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com3
About Hi-MTF
General overview and shareholders
3
Overview
▪ Hi-MTF is a Multilateral Trading Facility (MTF) – a MiFID compliant type of
trading venue – oriented to retail clients
▪ Hi-MTF provides investors with the opportunity to trade a wide range of bonds:
government, corporate, banking, structured and others
▪ Hi-MTF’s Mission: efficiency and effectiveness in managing a trading platform
oriented to non professional investors and centered on liquidity and transparency
Current shareholders, each holding 25% of capital, are:
www.himtf.com44
2010
Quote-Driven
segment
start-up
- Banca Akros
becomes
Partecipant and
Market Maker
- IW Bank becomes
Partecipnat
Order-Driven
segment
start-up
- Invest Banca
- Banca
Intermobiliare
become
Partecipant
- Central Counterparty (CCP)
project start-up with CC&G,
regarding clearing and settlement
related to bonds settled in ICSD’s
- Fineco Bank becomes Partecipant
2008
2009 2011
2013
2014
Technological
Platform upgrading
in line with growing
trading volumes
▪ A summary of Hi-MTF’s corporate history :
- Banca IMI
- MPS Capital
Services
become
partecipant
2015
2016
About Hi-Mtf
Key milestones
Equita Sim
become
partecipant
2017
New Equity
Market model
and Issue
(Primary
Makret)
start-up
RFQ
segment
start-up
2018
Luigi Luttazzi S.p.A.
becomes
shareholder with
25% of Hi-Mtf
Update of
segment Quote
Driven in Quote
Driven Hybrid
www.himtf.com5
About Hi-Mtf
Market microstructure: description
5
ORDER-DRIVEN SEGMENTQUOTE-DRIVEN HYBRID SEGMENT
RFQ SEGMENT
■ The segment hosts Fixed-Income securities:
Government Bonds (Italian and foreign), Supranational
Bonds, Corporate Bonds, Banking Bonds, Emerging
Markets and Structured Bonds
■ A Market Maker (MM) exhibits continuously
compulsory bid-ask quotes even with possibility to
insert proprietary orders
■ New market Partecipant: Aderente Diretto Gold
■ Orders insert by Aderenti Diretti (AD) participate in the
composition of the negotiation book
■ The segment is divided into two sub-segments:
– Fixed-Income
– Equity
■ Trades take place as a consequence of the
Participants’ orders intersection
■ Liquidity can be sustained by Specialists exhibiting
bid-ask quotes on a predefined assets basket
■ The segment hosts a selection of liquid securities on Quote
Driven
■ «Request for Quote» Negotiation: a Proposal forwards an
anonymous Purchase/Sales request to the Market and the
Aggressor can respond to the request with a price and
quantity
■ Minimum size € 1mln on Government Securities and
€ 200K on Eurobond
■ For «professional» (eg: asset management)
www.himtf.com6
About Hi-Mtf
Securities listed on the Market
6
ORDER-DRIVEN SEGMENT
Fixed Income*
QUOTE-DRIVEN HYBRID SEGMENT*
RFQ SEGMENT*
Total: 877
■ Banking Bonds Branded (in particular: Popolari, Casse di
Risparmio, BCC) and Eurobond
Totale: 1.440
Totale: 262
ORDER-DRIVEN SEGMENT
Equities*
Total: 24 Equities
■ Italian Government Bonds: 127
■ Foreign Government Bonds : 129
■ Supranational Bonds: 100
■ Corporate: 264
■ Banking: 163
■ Emerging Markets: 94
■ Banca Sella
■ Banca Valsabbina
■ Cassa di Risparmio di Cento
■ Banca Apulia
■ Banca di Imola
■ La cassa di Ravenna
■ Banca Pop. Volksbank
■ Cassa di Risparmio Bolzano
■ Banca Popolare Lazio
■ Banca Regionale di Sviluppo
■ Banca Popolare di Cividale
■ Banca Popolare di Lajatico
■ Banca Popolare di Bari
■ Banca Popolare Pugliese
■ Cassa di Risparmio Asti
■ Banca Popolare Valconca
■ Banca Agricola di Ragusa
■ Banca Popolare Puglia Basilicata
■ Credit Agricole Friuladria
■ Banca Popolare di Fondi
■ Banca Popolare Sant’Angelo
■ Banca Macerata
■ Banca Popolare Frusinate
■ Italian Government Bonds: 126
■ Foreign Government Bonds : 30
■ Supranational Bonds: 6
■ Corporate: 45
■ Banking: 48
■ Emerging Markets: 7
Last update: 30/09/2018
BROKERS MARKET MAKERS
QU
OT
E-D
RIV
EN
HY
BR
IDO
RD
ER
-DR
IVE
N
Specialist on
a subset of
tools
RF
Q
7
About Hi-Mtf
Brokers and Market Makers
www.himtf.com8
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com
Quote Driven Hybrid
Client orders
Market Maker
Quotes
Proprietary orders Proprietary orders
Market Structure
Quote Driven Hybrid
Aderente Diretto
Order Collection
Aderente Diretto
Gold
Market Makers exhibits continuously compulsory bid-ask quotes. They even have the possibility to insert proprietary
orders on financial instruments other than those subject to the exposure of the quotes.
Aderenti Diretti send orders from their clients (client orders) that partecipate in the composition of the trading book
Aderente Diretto Gold is a new Market partecipant that is authorized to send proprietary orders on a limited number
of financial instruments.
www.himtf.com
Specialist exhibiting bid-ask quotes on a predefined assets basket
Aderenti Diretti send orders from their clients to the Market
Negotiation ClosingAuction
7:30 8:40 9:00 17:00 17:05 17:20 17:30
Iniz
Pre
-au
ctio
n
Pre
-
ne
go
tia
tio
n
Market Structure
Order Driven Fixed income
Order Driven Fixed income
Order Collection Order CollectionOrder Collection
Aderente Diretto Aderente DirettoSpecialist
www.himtf.com
Order Driven Equity
Client orders
9:00 17:30
Receiving Orders ClosingIniz
Mo
n-T
hu
Receiving Orders ClosingIniz
Fri
da
y
Client ordersClient orders
Auction
12:0011:469:007:30
7:30
Aderente Diretto
Order Collection
Aderente Diretto
Order Collection
Aderente Diretto
Order Collection
Aderenti Diretti send «limited price» orders from their clients.
Orders can be placed from Monday to Thursday from 9.00 to 17.30 and on Friday from 9.00 to 11:45.
On Friday is scheduled the weekly Auction from 11.46 to 12.00 (closing).
Market Structure
Order Driven Equity
www.himtf.com12
Market Structure
Transparency and liquidity
12
Transparency
Liquidity
Info Sheet
Rreal-time Book
Market Makers
Check and
Monitoring
systems
■ Hi-MTF provides investors with an Info Sheet for each financial instrument listed on the market, for free
■ Hi-MTF’s aim is promoting awareness on investment choices
■ Hi-MTF provides investors with a real-time 5-level-deep trading book, for free
■ Compulsory presence of a Market Maker for each security listed on the Quote-Driven segment of the market
■ Market Makers are required to quote both pre-defined minimum sizes and competitive prices (price limits, as defined by the Market Regulations, are in place)
■ Hi-MTF assures Market Makers duties are met, via continuous monitoring
www.himtf.com13
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com1414
Quote-Driven Hybrid segment
Features
ClosingNegotiationInizialization
7:30 8:40 9:00
Asset
Class
(2018)
Asset Class Number
127
129
100
163
264
94
Market
Phases
Mon-Fri
877 Bonds
Pre-
negotiation
17:30
Credit Rating for
the all listed
Bonds
%
15%
11%
19%
30%
11%
14%
Selection
Criteria
Last update: 30/09/2018
▪ High liquid securities
▪ Bond, mostly investment grade
▪ Quality-oriented approach of prices
Italian Government Bonds
Foreign Government Bonds
Supranational Bonds
Corporate Bonds
Banking Bonds
Emerging Markets Bonds
MM and AD can access the market
MM insert quotes/orders, Aderenti
Diretti place orders and AD Gold
insert proprietary orders
MM can insert quotes
www.himtf.com1515
ISIN
Italian Government Bonds Foreign Government Bonds
Corporate Bonds Financial Institutions Bonds
1 2
3 4
Last update: 30/06/2018
Quote-Driven Hybrid segment
Most traded Bonds Ist Sem 2018
ISIN DESCRIPTION TRADESCTV
(€mln)
IT0005215246 BTP 15 OT 23 0,65% 1357 84,6
IT0005210650 BTP 1 DC 26 1,25% 1460 65,0
IT0004594930 BTP 1 ST 20 4% 1446 55,6
IT0005142143 BTP 1 NV 20 0,65% 381 54,8
IT0005323032 BTP 1 FB 28 2,00% 1146 54,3
IT0005170839 BTP 1 GN 26 1,60% 1557 54,0
IT0005282527 BTP 15 NV 24 1,45% 898 52,9
IT0003493258 BTP 1 FB 19 4,25% 1358 51,2
ISIN DESCRIPTION TRADESCTV
(€mln)
IT0005108060 BCA POP EMILIA 4,25%SUB 15/6/25 637 15,9
XS0130717134 UGF ASS. TM SUB CALL 15/06/2021 470 13,6
IT0005136038 ICCREA BANCA TF/TV 30/09/2020 483 11,3
IT0005240335 ICCREA BANCA TM 1/2/22 542 11,1
IT0005311706 ICCREA BANCA TM 15/11/2022 537 10,7
XS0173649798 UGF ASS. TM SUB CALL 28/07/2023 458 10,1
IT0005215550 ICCREA BANCA TM 14/10/21 199 6,9
XS1044894944 BANCO BPM 3,5% 14/3/2019 61 6,3
ISIN DESCRIPTION TRADESCTV
(€mln)
US912810RK60 T BOND 2,50% 15/2/45 USD 207 6,2
US912828H524 T BOND 1,25% 31/1/20 USD 43 4,4
US912810RB61 T BOND 2,875% 15/05/43 USD 90 3,8
US912828VB32 T NOTE 1,75% 15/05/23 USD 59 3,6
US912828VZ00 T NOTE 2% 30/09/20 USD 96 3,5
PTOTEAOE0021 PORTUGAL 4,95% 25/10/2023 223 3,1
US465410BG26 REP OF ITALY 5,375% 15/6/33 USD 39 1.8
US912828VS66 T NOTE 2,5% 15/08/23 USD 85 1.8
ISIN DESCRIPTION TRADESCTV
(€mln)
XS1388625425 FIAT 3,75% 29/3/2024 73 8,2
XS1048568452 FIAT 4,75% 22/3/2021 34 4,2
IT0005108490 AUTOSTRADE 1,625% 12/6/2023 126 3,9
XS0953215349 FIAT 6 ,75% 14/10/2019 28 3,2
XS1088515207 FIAT 4,75% 15/07/22 27 3,1
IT0004869985 ATLANTIA 3,625% 30/11/2018 91 2,4
FR0010014845 PEUGEOT 6% 19/09/33 54 1,9
XS0170343247 ENEL 4,75% 12/06/2018 38 1,1
www.himtf.com16
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com1717
Order-Driven segment
Features
Order Driven Segment hosts about 1.440 «branded» bonds and 24 Equities
Features
Some
important
Issuers
■ The segment hotes more than 1.400 securities of Banche Popolari, Casse di Risparmio and BCC
■ Banca Akros ed Equita Sim contribute to liquidity as «Specialist» on a subset of tools
Bonds Equities
www.himtf.com18
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com19
Orders
ClosingNegotiationInizialization
7:30 8:40 9:00
Pre-
negotiation
17:00 17:05
Pre-
auction
17:20 17:30
Auction
Order-Driven segment - Fixed Income
How it works
Market
Phases
Specialists and AD can access the market
Specialist and AD insert orders
Participants place orders
Specialists can insert orders
Technical negotiation stop preceding the auction phase
■ At a Limited Price (LMT)Execution
Mode
(both during the Negotiation
and the Auction)
■ Only valid auction
■ Fill and Kill (FAK)
■ Good till cancel (GTDay)
■ Good till date(GTDate)
■ Fill or Kill (FOK)
www.himtf.com2020
Order-Driven segment - Fixed Income
Most traded Bonds in Ist Sem 2018
20 most tarded «branded» bonds on Hi-Mtf Order Driven
BCC / Bance Popolari / Casse di Risparmio
ISIN DESCRIPTION TRADES CTV (€uro)
IT0004975899 CRED.VALT. 3,75% 30/12/18 SUB 2a 2,898 38,870,138.41
IT0005139560 CREVAL 2,20% 30/11/2018 236a 768 18,609,193.77
IT0005177222 CREVAL 1,90% 13/05/19 240a 870 16,641,096.27
IT0005245995 CREVAL 1,00% 18/04/20 244a 991 13,546,204.80
IT0005135527 BCA POP SONDRIO 3% 23/10/22 SUB 983 12,896,336.38
IT0005092884 BCA POP SONDRIO 2,50% 30/3/22SUB 886 10,722,775.73
IT0004983695 CRED.VALT. 2,85% 30/12/18 220a 281 10,281,513.28
IT0005177891 BPC 2,00% 26/04/19 123a 4 9,081,239.71
IT0004778905 B.P SONDRIO S/UP 23/12/18SUBSINK 340 7,510,463.73
IT0005087454 CRED.VALT. S/UP 18/02/20 231a 198 6,497,886.92
IT0005002222 CRED.VALT. 2,50% 04/03/19 222a 234 6,287,086.38
IT0005217416 CREVAL 1,50% 14/11/19 241a 186 6,244,956.14
IT0004965684 CRED.VALT. 3,15% 07/10/18 217a 182 5,732,953.12
IT0005053845 CRED.VALT. S/UP 12/09/19 227a 234 5,109,871.81
IT0005245888 BCA POP SONDRIO 1,70% 21/04/2022 175 4,015,188.44
IT0005075913 CRED.VALT. S/UP 14/01/20 230 146 3,493,996.46
IT0004960990 BCA POP SONDRIO 3,15% 01/10/18 59 3,383,354.67
IT0004897200 ICCREA BANCA TM 20/03/2018 75 3,303,458.96
IT0004968522 BCA POP SONDRIO 3,10% 15/11/18 119 3,279,802.02
IT0005053837 CRED.VALT. TM 12/09/18 228a 134 3,041,611.55
Last update: 30/06/2018
www.himtf.com21
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com
1
2
3
5
6
4
22
Order-Driven segment - Equity
Goals
Ensure Transparency
Facilitate the marketability
Ensure «price discovery» more trusted
Empower the Issuer
Comply with the new laws
Define a «market model» for less liquid securitiesThe proposed model
aims to promote an
orderly process towards
the market
www.himtf.com23
▪ Established an Observation Period dividied into 6 Intermediate Periods of observation of 2 months each
▪ The issuer provides the Market the initial trading price (Reference Price) and certifies that it is confirmed by at least one third
indipendent expert; the issuer chooses order entry limits (within a range defined by Market)
▪ At the end of every Intermediate Periods of observation in case of failure to reach the Minimun Threshold limits have been
increased by +/- 4%; instead in case the Minimun Threshold is reached limits could be reduced to the previous range in
accordance with Article 71, of the Regulation as the definition of Cumulative Threshold
▪ The Reference Price changes only when is reached the Reference Threshold or at the end of the Observation Period (12 months)
with the exceeding of the Liquidity Threshold
▪ If at the end of Observation Period has not reached a minimum level of trading (Liquidity Threshold):
‒ Begins a 6 months Control Period divided into 3 intermediate periods of control, lasting 2 moths each, during which the
threshold are halved of their original value
‒ In case of failure to reach the minimum threshold, at the end of a intermediate period of controls, limits are doubled
progressively
Order-Driven segment - Equity
Qualitative descriptions of the operation
www.himtf.com
▪ Price limit orders Orders good till Date (maximum duration 60 days)
Orders auction only
24
Feature Description
Auction Model
Types of orders
Horizon of
observation
Period of
Observation
Intermediate
periods of
Observation
▪ It is a period of 12 months in which is measured the consinstency of trade in order to determinate the
Reference Price
Periodo of
Control
Intermediate
periods of
Control
Order-Driven segment - Equity
Characteristics of the Model (1/3)
▪ The control Period is divided into 6 intermediate periods of control of 2 months each, during which
the threshold are halved of their original value and limits in case of failure to reach the minimum
threshold, at the end of an intermediate period of controls, are doubled progressively
▪ Weekly Auction
▪ Formation of the auction price according to current market rules (aimed at maximizing the quantity
tradable)
▪ Whitin the observation period, there are 6 intermediate periods lasting 2 months, after which it will be
measured the cumulative trade consistency. In case they have not reached a minimum amount
(«Minimum Threshold») the limits for the order entry are automatically expanded.
▪ The Control Period follows the Period of observation if at the end of the year the «Liquidity
Threshold» has not been reached. The Control Period has a duration of 6 months and during this
period is measured the consinstency of trade in order to determinate the new Reference Price
www.himtf.com25
Reference
and Auction
Price
Reference
Price
Auction
Price
Feature Description
Significance
Thresholds
Reference
Threshold
Minimum
Threshold
Liquidity
Threshold
Order-Driven segment - Equity
Characteristics of the Model (2/3)
▪ The Issuer provides the market the Starting Price of the trading (Reference Price) and attests to
the market that is confirmed by the assessment of at least one third indipendent expert (the
“Evaluator”)
▪ This is the Price at which the order entry limit +/- 8% («swing band») is applied
▪ It changes only in case of significant trades (reacing the «reference threshold» at the end of the
«observation period»)
▪ It must be updated if the Liquidity Threshold is not reached at the end of the Observation Period
▪ Is the price at which the auction take place and may deviate from the reference price within the
order entry limit and price variation
▪ Identifies a consinstency of significant exchange values, which once achieved is calculated a new
reference Price as the weighted average of prices found during the observation period
▪ It can be defined by the Issuer, at the beggining of each observation period and changed once a
year
▪ Calculated on the market capitalization of the Issuer
▪ Identifies a consistency of minimum exchange values, for which, at the end of the mid-term
observation period, the order entry limit («swing band») is automatically and compulsorily extended
▪ It may be defined by the Issuer, at the beginnig of each observation period, and changed once a year
▪ Calculated on the market capitalization of the Issuer
▪ Identifies a consistency of exchange values, measured during the entire observation period, the
failure of which will start the period of control
▪ Consist of 6 times the value of the minimum threshold (ex. 0,6% if the minimum threshold is 0,1%)
www.himtf.com26
Order entry
Limit
(«band if
swing»)
▪ Identifies the range, around the Reference price, in which it’s possible to place buy / sell orders
( +/- 8% )
During the
first
intermediate
period of
observation
Then
Feature Description
Order-Driven segment - Equity
Characteristics of the Model (3/3)
▪ They will automatically be expanded, to the failure to achieve the minimum volumes of
exchanged values defined by the «minimum threshold»
▪ In case of failure to reach the minimum threshold at the end of the intermediate control periods
the limits will be doubled
www.himtf.com27
Order-Driven segment - Equity
Limits and Thresholds Values
Limits
Thresholds
Parameter Observation Period
Initial value
Increases
Reference
Minimum
+/- 8%
+/- 4%Equal to twice the limit valid in the
previous auction
Between 0,5% and 1,5%
of the market cap.
Between 1,0% and 3,0%
of the market cap.
(increase: 0,50%)
Between 0,1% and 0,5%
of the market cap.
(increase: 0,1%)
Between 0,05% and 0,25%
of the market cap.
Control Period
Equivalent to the limit for the last
auction of the Period of Observation
www.himtf.com2828
Order-Driven segment - Equity
Example data sheet - Equity 1/2
The information that Hi-Mtf shows for equities has been updated in order to be more transparent and clear for retail investors.
Next to the symbol that identifies the Bank that owns the Share there are some information that briefly describe the latter, with an indication
of the Partecipant (Aderente Diretto) who has proposed the listing of the Equity.
The "Informazioni" section includes, among others, the Minimum and Reference Threshold levels chosen by the Issuer at the time of listing,
the Reference Price with the range between place orders both in percentage and in numerical value.
The section «Valori attuali relativi al periodo di osservazione» shows the start date of the Period, the average price and the percentage of
achievement of the significance thresholds.
www.himtf.com2929
Order-Driven segment - Equity
Example data sheet - Equity 2/2
The second part of the data sheet of the Equity shows the first 5 levels of the Market Depth with the total quantities in buy and sell and the
theoretical auction price.
The section «Periodo Intermedio in corso» shows the start and end date of the two-month period with the price, quantity, countervalue and
progressive countervalue generated in all the auctions of this intermediate period. Furthermore, all auction dates included in the two
months are presented in order to give clearer information and allow investors to have a more detailed investment time horizon.
www.himtf.com30
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com
Offer liquidity to «buy-side» and to clients
with no-retail quantities
Med
iiu
m-L
ow
Med
iiu
m-h
igh
Offer a regulated venue and execute RFQs
in trasparency as Regulations require
31
RFQ segment
Goals and features of the RFQ segment
1
2
Goals DescriptionFeaturs
Market segment, working as a RFQ system, for no-retail orders in size terms
CC&G Warranty
Competition
Binding RFQ
Minimum Size
Multiple
Executions
Anonymity
▪ The trades are guaranteed byCC&G (Cassa di Compensazionee Garanzia) that eliminates thecounterparty risk.
▪ If the conditions in the relevant orderare satisfied, the execution of the tradeis automatic («automatch»)
▪ Potential aggressors can discover theprice coming from other aggressorswho responded to the enquiry and thisis aimed to improve competition.
▪ Italian Government Bonds: 1.000.000▪ Eurobond: 200.000▪ It applies to enquiries and executed
trades.
▪ For the same enquiry there could bemultiple partial executions withdifferent counterparties.
▪ Potential aggressors can notrecognize the identity of theproposal and vice versa.
www.himtf.com 29
In the Rfq model below a «Proposal» forwards an anonymous purchase/sale request (RFQ) to the
Market and one or more «Aggressor» can respond anonymously with price and quantity
Proposal
Hi-MtfRFQ
«buy-side» 1
«buy-side» 2
«buy-side» n
«sell-side»1
«sell-side»2
«sell-side»n
AggressorOperator who can
forward an enquiry
(RFQ)
Quantity Bid Price Quantity Ask PriceTimeout:
120 sec (*) 3.000.000 100
101
102
«Buy-side»
Request to buy
3 milion of
corporate
Bond
«sell-side»
Operator who can
respond to the
enquiry RFQ
500.000
500.000
2.000.000
RFQ segment
Trading mechanism
Anonymity
▪ The request submitted by the Proposal (who can be a "buy-side" or a "sell-side") and the related responses from the Aggressors create a real-time book and this mechanism stimulates competition among participants in the segment.
it is possible for the Proposal to forward an enquiry without timeouts, which will be cancelled from the Market at the end of the trading day if the RFQ is not executed.
www.himtf.com33
Agenda
■ About Hi-MTF
■ Market Structure
■ Quote - Driven Hybrid segment
■ Order - Driven segment
■ Fixed-Income
■ Equity
■ RFQ segment
■ Primary Market - Issue
www.himtf.com
How it works Features
Trading ways
Offer Price
Trading model
Transparency and
secondary market
34
Primary Market - Issue
Primary Market on Hi-MTF
▪The Intermediary or Intermediaries responsible for the placement are the only
partecipants who are enabled to enter Sale proposals at the fixed price.
▪Each Intermediary can enter only one Sale proposal; the sum of the quantities on sale
by all the Intermediaries can not exceed the total amount offered by the Issuer.
▪Brokers can only enter Purchase proposals at a Limited Price (LMT) equal to the fixed
price or Without Limit proposals and their proposals can not be modified.
▪ The distribution activity on Primary Market Segment (ISSUE) of Hi-MTF is carried
out in a countinous trading period possibly followed by an auction period.
▪ The auction period is optional.
▪ At the opening stages of the distribution period, the offer price of the financial
instrument is fixed and it is communicated to the Market by the Intermediary
responsible for the placement.
▪ Hi-MTF Website ensures wide visibility and transparency to placements and its features
in the section «ISSUE».
▪ The issuer may require, following the successful placement, the listing of the Bond on
the secondary market of Hi-MTF.
www.himtf.com
Website: www.himtf.com
CEO Giovanni Roversi
Phone 02 89283354
E-mail [email protected]
Head of Operations Alessandro Rigamonti
Phone 02 89283355
E-mail [email protected]
Head of Market Supervision Andrea Braga
Phone 02 89283352
E-mail [email protected]
35
Contacts
www.himtf.com
November 2018 Hi-Mtf SIM S.p.A.
This Document is the exclusive property of Hi-Mtf SIM S.p.A.
This Document does not constitute any investment proposal by Hi-Mtf SIM S.p.A. The document is intended for descriptive and promotional purposes only,
and cannot be said to be exaustive. Data presented can be used for personal uses only. Hi-Mtf Sim S.p.A. cannot be demand as responsible for any
demage even deriving from any mistakes related to the interpretation of the content included in this presentation.
The information presented is based upon sources considered credible but without made an indipendent verification on data source.
Reference to past performance cannot be interpreted as an indication of results promised for the future, since the investment in financial instrument is
affected by multiple factors.