Trading on the Italian Stock Exchange is now permitted after regular trading hours. Changes have been made to the existing regulations and as of May 15 2000, two new markets were introduced: TAH and TAHnm. After-hours trade may be made 5.50 pm - 6.00 pm for cross-order book modalities, and between 6.00 pm - 10.00 pm for continuous dealing.
Shares and warrants may be traded after hours, and specific caps have been introduced on the minimum amount of transactions and on the price variations with regard to: (i) the reference price of the day; (ii) the maximum limit of variation of the prices of the contracts versus the reference prices of the day; and (iii) the maximum limit of variation of the prices for two continuous contracts.
During the cross-order book period, intermediaries may execute contracts combining two proposals (offer and sale) of the same amount. Contracts are executed on the market at the price of reference.
During continuous trading, offers may be presented with or without a price cap remaining valid "until cancellation".
The new markets will require a significant reorganization of business by financial intermediaries.
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