Borsa Italiana Monthly Flash - March 2004

IDEM (Italian Derivatives Market): annual highs in trading in equity derivatives, with a daily average of 88,200 standard contracts, the most relevant figure since March 2003 and the third figure since ever (+43.1% vs February). Total monthly turnover reached more than two million of standard contracts for the first time. All the instruments traded were affected by overall growth: the stock futures rose to 18,000 daily standard contracts (up 57.1% vs February); the mini-futures to 8,500 (up 45,9%); the index options to 11,400 (up 26.5%); the stock futures to 3,700 (up 233.9%); the stock options to 46,700 (+36.2%). With regard to the stock options, it is the highest monthly figure since May 2001 and the third figure since ever. From Monday, 22 futures and options on the S&P/MIB index were traded. As predictable, given the maturities by September, volumes are slim at the moment, being options more traded.

The Mib index has reached its new annual peak at 20,554 (+5.5% vs 2003) on Monday, 8 March. A decline phase has followed, sharpened by the Madrid blasts on 11 March, but a new growth phase saw the index at 19,868 at the end of the month, down -1.9%, but still up 2.0% if compared to 2003.

Capitalisation reached €499 billion in March. A breakdown shows Borsa with a figure of €486.8 billion, Nuovo Mercato at €7.6 billion and Mercato Expandi at €4.6 billion. Capitalisation represents a percentage on GDP (37.5% in 2003) of 37.8% (38.5 in February).

Growing volumes in terms of contracts (156,300 daily, up 8.1% vs February) as well as of turnover (daily avg of €3.39 billion, up 18.0% vs February). Sharp rise in shares listed on Borsa which reached its highest record since November 2000 with a daily avg of €3.32 billion. The avg size of contracts regarding shares listed on Borsa rose from €21,700 in February to €23,400. The avg size of contracts regarding shares listed on Nuovo Mercato rose from €5,900 to €6,400 (third level since ever).

ETFs rise in terms of number of contracts (daily avg 456, up 21,4% vs February) but decline in terms of turnover (daily avg of €9.3 million, down 10.9%). The avg size of contracts fell to €20,400 euro showing a growing participation of retail investors.

Same scenario as for volumes of covered warrant and certificates, with a daily avg of contracts rising to 17,900 (up 8,8% vs February, down 14,4% vs March 2003) and of turnover falling to €74.1 million (-5,9% vs February, up 112,1% vs March 2003).

Rising volumes in the After Hours session, with a daily average of €39.1 million (up 16,1% vs February) and of 5,900 contracts (+18,2% Vs February).

Volumes of the bond traded on MOT rose (daily avg of €33.2 million, up 6,4% vs February). Volumes of bonds trading on EuroMOT were very high and posted an average of €17.6 million per day (down 8,5% vs February and forth figure since ever, up 19.5% vs March 2003). Volumes of Government bonds reached an average of €596.5 million per day (-15,0% vs February but up 16,0% vs March 2003).

In March, three companies were delisted: as far as Borsa is concerned, Cirio (5 March, non-sufficient requirements) and Locat (9 March, following a residual tender offer); as for Nuovo Mercato, Gandalf (29 marzo, non-sufficient requirements). The number of companies listed at the end of March is 276. On March 8 the Intek shares listed on Borsa have been delisted following conversion into ordinary shares.