Borsa Italiana has unveiled a new set of order types, following the migration of its cash markets to the Millennium Exchange trading engine.
New trading options include stop and stop-limit orders – orders without a limit price and orders with a limit price, respectively, which remain inactive in the order book until certain limits are met. Also now available are market-to-limit orders – which can be entered in the pre-action phase and executed at the auction price with residual orders transferred to the continuous order book as a limit order – and block trades, which allow execution prices to take place within a wider spread compared to ordinary cross orders.
The domestic Italian exchange, owned by the London Stock Exchange Group (LSEG), now uses the same technology as its parent company’s UK stock exchange and other LSEG subsidiaries, including the Turquoise multilateral trading facility and its retail bond market.
Millennium Exchange is the trading platform developed by the LSEG’s MillenniumIT technology unit. The Italian exchange previously used the Tradelect system.
"The migration of Borsa Italiana’s cash markets to the Millennium Exchange represents an important step for Borsa Italiana and its customers,” said Raffaele Jerusalmi, CEO of Borsa Italiana. “As we have seen with previous migrations across the LSE Group, the platform provides exceptional levels of performance, functionality, and capacity."