(objective reference parameter) This term indicates a reference index that evaluates the performance of a financial instrument or security. In individual or collective asset management (see Mutual Investment Funds), it is a parameter that must be communicated to the investors. It is used to verify the management results. It must be consistent with the management-related risks and is constructed on the base of financial indicators developed by third parties and commonly used

A term used to indicate large packages of securities that are the subject of Stock Exchange transactions. Such Stock Exchange operations usually occur between institutional buyers and sellers (banks, investment funds etc.) as margin trading and must be communicated in advance to Stock Exchange authorities

Shares of companies that are considered to be particularly solid and with a high capitalisation level. Their purchase is presumably associated with minor risk when the Stock Exchange falls

A debt security that can be traded on the market, issued by a listed company to obtain a loan from the public. There are various types of bonds: indexed, convertible, cum warrant, premium etc.

(Also called "transaction book" or "trading book") It refers to the collection of trading bids present in the market at a given time and for each security, subdivided into "buying side" and "selling side". The purchase or sale proposals received by the computer system (see MTA) are automatically ordered according to the price and time priorities in order to be matched with compatible proposals

Private company responsible for the organisation and management of the Italian Stock Market, New Market, Restricted Market and IDEM (Market of Stock Derivatives).

In Stock Exchange language, this indicates an irregular quantity or lot of securities, which is lower in terms of amount or quantity than the minimum lot quantity (for shares) or than the lot normally traded

A financial intermediary who carries out purchase and sale orders received from his clients (for third parties) in the capacity of trader, and who receives a commission for the service provided