UBI Banca Group

Equity markets managed by Borsa Italiana were more penalised than other major European
stock markets, ending 2011 with losses of approximately 25% year-on-year. They were
attributable even more than in the recent past to the substantial impact of the banking sector
which, despite the soundness of Italian banks, were particularly affected by the multiple
shocks generated by the
progressive spread of the
sovereign debt crisis.
Trade in shares increased
in terms of the number of
contracts (€68.5 million;
+10.1%), but the value fell
compared to the previous
year (€709.7 billion; -5.1%).
Despite the difficult context,
the markets managed by
Borsa Italiana nevertheless
managed to set further new
The principal share indices in local currency
records: new record highs for trading on the ETF Plus market on which ETFs (exchange traded
funds) and ETCs (exchange traded commodities) are traded, with a value of €85.8 billion and
over 3.6 million contracts; new record highs for fixed income trades (MOT and ExtraMOT) for a
total of 4.7 million contracts (a value of €206.8 billion); record trades for equities derivatives
on the IDEM (Italian Derivatives Market), with a daily average of 187 thousand standard
contracts and a total of 47.8 million contracts entered into (a record high for the third
consecutive year); continued European leadership for contracts on electronic markets for both
ETFs and the MOT (electronic bond market).
At the end of the year listed companies on the Milan stock exchange numbered 328, down
compared to 332 twelve months before as a result of ten new listings and 14 delistings. The
total market capitalisation of listed companies also fell to €332.4 billion from €425.1 billion at
the end of 2010, equivalent to approximately one fifth of Italy’s GDP.
As a consequence of the increase in the value of equity trades, while capitalisation was lower,
turnover velocity 13 increased from 176% to 214% over twelve months.
Dec-11
A
Sept-11
B
Jun-11
C
Mar-11
D
Dec-10
E
% change
A/E
Ftse Mib (Milan) 15,090 14,836 20,187 21,727 20,173 -25.2%
FTSE Italia All Share (Milan) 15,850 15,570 20,913 22,454 20,936 -24.3%
Xetra Dax (Frankfurt) 5,898 5,502 7,376 7,041 6,914 -14.7%
Cac 40 (Paris) 3,160 2,982 3,982 3,989 3,805 -17.0%
Ftse 100 (London) 5,572 5,128 5,946 5,909 5,900 -5.6%
S&P 500 (New York) 1,258 1,131 1,321 1,326 1,258 0.0%
DJ Industrial (New York) 12,218 10,913 12,414 12,320 11,578 5.5%
Nasdaq Composite (New York) 2,605 2,415 2,774 2,781 2,653 -1.8%
Nikkei 225 (Tokyo) 8,455 8,700 9,816 9,755 10,229 -17.3%
Topix (Tokyo) 729 761 849 869 899 -18.9%
MSCI emerging markets 916 880 1,146 1,171 1,151 -20.4%
Principal long-term interest rates (2010-2011)
Graph No. 6
7.5
7
6.5
US Treasury 10 years BTP 10 years Bund 10 years
6
5.5
5
4.5
4
3.5
3
2.5
2
1.5
GGGGFFFMMMMAAAAMMMGGGGL J F M A M J LJ L LAAASSSSOOONNNNDDDDGGGFFFFMMMMAAAMMMMGGGL A S O N D J F M A M J L LJ LAAAASSSOOOONNNNDDDA S O N D
2010 2011
On 29 th June 2011, the London Stock Exchange Group, the company which controls Borsa Italiana, and the
TMX Group, the owner of the Toronto stock exchange, announced in a joint press release that the merger
agreement reported on 9 th February 2011 would not go ahead.
13 An indicator which, as the ratio of the value of the shares traded electronically to the capitalisation, gives a measure of the turnover
of the shares traded.
26