THE MAXIMUM SPREAD

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After nearly seven months from the preliminary announcement of Italian Ag, the introduction of the spread maximum on the covered warrants effectively seems to be to the doors: monday 16 Decembers, in fact, the assembly of the shareholders of Italian Ag has approved of some modifications to the regulations and, as far as the covered warrants, it has arranged the introduction of one spread maximum for the proposals immesse in implementation of the obligation of quotation from part of the market makers. To the state it puts into effect them the modifications are not still operating in how much are to I winnow of Consob, but presupposed why it can be introduced the this useful protection for the investor seems is finally realizes to you. Reproducing a cautelativa measure that on the market Ditto is in vigor already for a long time, also the Mcw, presumablly the first months of the next year, will be able therefore to guarantee to the investor one greater fairness and coherence in the determination of the prices. But above all, on the base of the griglie that have been defined, the investor will be in a position to knowing a priori the freedom degree with which a issuing one she will be able to decide to modify the conditions of the pricing. Draft, therefore, to verify on the field if the restrictions that have been proposed effectively turn out adapted to the application within and if they can concretely throw again the interest of the investor for this market. The grill of the spread maximum that has been several subordinate to the issuing ones is structured the parameters second evidences to you in the table with of the price groups whom they trace for the great part, the same intervals with which are defined the limits of variation of the prices and tick the minimums of the negotiation proposals. If the established parameters will be effectively those proposals to winnow of the MILIMETER and indicate to you in the table, the new norm will be able to have an interesting impact.

Above all as far as the higher categories of price (from third in ahead), the described limits could effectively contribute to limit some estremizzazioni to which it has been assisted above all in the last year and, if they were confirmed, could therefore guarantee a remarkable step in ahead on the forehead of the transparency of the market. An analysis to part demands the first class poichè the presupposed ones is much various: the cw that they quote on low orders of magnitude therefore are of the bets, nearly assimilable to the gambling. In such sense, it is not thinkable, for a issue of difficulty of management of the risk, that an analogous interval of quotation to those of the other categories of price can be tax. The only real perplexities instead are tied to according to interval: in this case the proposed limitation could not be sufficient to create a deterrent effective for the more critical situations. The tie of spread offers in fact of the rather wide margins of maneuver, considering those that have been the standards of behavior on the Mcw until this moment.  

Edited by    Riccardo Catalani

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