This analysis focuses on the behaviour of Italian Stock Options traded on-screen on Euronext Derivatives Milan before and after the migration to Optiq®.
Market Quality Analysis on the Italian Stock Options Market
Executive Summary
- Euronext achieved several key milestones in 2024 that allowed the Group to expand its presence along the entire trading value chain. Among those, the migration of Borsa Italiana’s derivatives markets onto Euronext trading platform (25 March 2024), and the expansion of Euronext Clearing to all Euronext financial derivatives markets (9 September 2024), thus finalising the integration of the Borsa Italiana into the Group and offering a comprehensive suite of solutions from pre-listing to post-trade.
- Overall, the trading migration had a very positive impact on the on-screen market quality of the Italian Stock Options market, in particular:
- When considering all maturities of the top contracts by volumes, Euronext shows tighter spreads vs. competitors since August 2024.
- For front-month maturities only on all contracts, Euronext’s spreads are consistently better than those of main competitors. - Since the trading migration, Market Makers are benefitting from an incentive-based Market Making fee programme, allowing them to provide more consistent liquidity.
To find out more about the performance, download the Market Quality Analysis on the Italian Stock Options Market.
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January 2025