What Is the Milan Stock Exchange (MIL) .MI?

The Milan Stock Exchange, known in Italian as the Borsa Italiana, is Italy’s only stock exchange. It is located in the city of Milan.

The exchange trades on the Euro. Trading hours are from 9 a.m. to 5:30 p.m., Monday through Friday. An opening auction occurs each trading day from 8 a.m. to 9 a.m. Brokers either trade in person at the exchange, or through an electronic trading system that operates in real-time. 

The exchange features a list of prominent Italian listed brands such as Campari, Fiat Chrysler, Ferrari, and Salvatore Ferragamo. It has an aggregate capitalization of 108 billion euros. The exchange also serves as a place where investors can trade ETFs, bonds, derivatives, and other financial instruments.

Understanding the Milan Stock Exchange (MIL) .MI

The Milan Stock Exchange merged with the London Stock Exchange in 2007. This merger created one of the largest exchange groups in Europe. The exchange’s main indexes today are the capitalization-weighted S&P/MItalyIB and the MIBTEL.

The exchange works to develop its markets, maximize their liquidity, and maintain high levels of efficiency and transparency. As such, the exchange outlined formal rules and procedures for listing and issuing companies, as well as rules for intermediaries and traders.

In August of 2018, Borsa Italiana’s ETF, ETC, ETN, and open funds markets reported strong second-quarter earnings. During this second quarter, 52 new instruments listed on the market, including two open funds. The markets reached 66.47 billion euros, which represented a 7.1 percent increase when compared to the same period in 2017.

Listing on the Exchange

The exchange provides listing guides as useful tools for potential issuers, financial institutions, and other parties involved in the listing process. In 2013, the exchange introduced a strategic planning guide intended to help companies prepare their analysis and reports to support their application for listing on the exchange.

All companies that list with the exchange pay an admission fee based on their market capitalization. One-time fees must also be paid for placing bonds and other debt securities on the exchange.

A publication detailing the fees and requirements for listing and placing trading instruments on the exchange is available directly through the exchange.

History of the Exchange

The Milan Stock Exchange got its start in 1808 as Milan's Borsa di Commercio, or commodities exchange. At that time, the exchange operated under the government. The first publicly traded company share listed on the exchange in 1859. In the 1870s, banking and railway companies began joining the exchange, and from there, the exchange continued to grow and attract a diversity of issuers. Electronic trading on the exchange became fully operational in 1994. In 1998, the exchange went private.