Milan Stock Exchange (MIL): What it is, History

Anthony Battle is a CERTIFIED FINANCIAL PLANNER™ professional. He earned the Chartered Financial Consultant® designation for advanced financial planning, the Chartered Life Underwriter® designation for advanced insurance specialization, the Accredited Financial Counselor® for Financial Counseling, and both the Retirement Income Certified Professional® and Certified Retirement Counselor designations for advance retirement planning.

What Is the Milan Stock Exchange (MIL)?

The Milan Stock Exchange (MIL) is Italy’s only stock exchange. It is located in Milan and is known as the Borsa Italiana. The exchange features prominent Italian listed brands and allows investors to trade securities and financial instruments.

The exchange, established in the early 1800s, became part of the London Stock Exchange (LSE) Group in 2007. In 2021, the LSE Group sold Borsa Italiana and the Milan Exchange to the Euronext Group.

Key Takeaways

• The Milan Stock Exchange (MIL) is Italy’s only stock exchange, also known as the Borsa Italiana.
• The exchange was established in 1808.
• Traders can trade stocks, ETFs, bonds, derivatives, and other financial instruments on the exchange.
• Electronic trading on the exchange started in 1994.
• The MIL exchange is now part of the Euronext Group.

Understanding the Milan Stock Exchange (MIL)

The Milan Stock Exchange is Italy’s only stock exchange, operating as Borsa Italiana S.p.A. It aims to develop its markets, maximize liquidity, and ensure efficiency and transparency. The exchange has established formal rules and procedures for listing and issuing companies, as well as for intermediaries and traders.

Trading on the exchange is conducted in euros. It lists major Italian companies such as Campari, Fiat Chrysler, Ferrari, and Salvatore Ferragamo. Investors can trade ETFs, bonds, derivatives, and other financial instruments. The main indexes on the exchange are FTSE Italia Star, FTSE Italia Mid Cap, and FTSE All-Share Capped.

Brokers can trade in person at the exchange or through a real-time electronic trading system. Trading hours are from 9 a.m. to 5:30 p.m., Monday to Friday, with an opening auction from 8 a.m. to 9 a.m. Hours may vary based on the type of securities traded.

If you’re interested in investing in the Italian market, consider an ETF or an American depositary receipt.

Special Considerations

The exchange provides listing guides as useful tools for potential issuers, financial institutions, and other parties involved in the listing process. In 2003, a strategic planning guide was introduced to assist companies in preparing their analysis and reports for listing applications.

All companies listing with the exchange pay an admission fee based on their market capitalization. One-time fees are also required for placing bonds and other debt securities. Details of fees and requirements can be found on the exchange’s website.

History of the Milan Stock Exchange

The Milan Stock Exchange was established in 1808 as Milan’s Merchandise Exchange. It was initially operated by the government. The first share in a public company was listed in 1859. In the 1870s, banking and railway companies started joining the exchange, leading to its growth and diverse issuer base.

Electronic trading on the exchange began in 1994. In 1998, the exchange became private under the name Borsa Italiana. In 2007, it merged with the London Stock Exchange, creating one of the largest exchange groups in Europe. In 2021, the Milan Stock Exchange was sold to Euronext for €4.325 billion, completing the deal.