EuroTLX SIM S.p.A. manages the Multilateral Trading Facility (MTF) EuroTLX, targeted to non-professional and professional investors trading in retail size and focused on fixed income securities and investment products. EuroTLX offers the possibility of trading electronically a wide range of financial instruments with a high level of transparency on prices and on pre and post trade information. Liquidity is guaranteed by a mechanism of competitive and continuous auction and by the presence of at least one Liquidity Provider during trading hours for each financial instrument. The microstructure of the market is order driven with at least one Liquidity Provider per instrument: investors can send market to limit and limit orders. Orders and quotes are ordered by price and time priority. EuroTLX has been included in the Best Execution Policy of Italian brokers: this has allowed the market to increase consistently the number of executed contracts and the turnover amount.
A European MTF for the trading of fixed income securities and investment products in retail-size.
Strategic development is aimed at achieving the following targets:
- Keeping the focus on trading of fixed income securities for the retail size segment;
- Consolidating the role on the domestic market;
- Strengthen the role as European platform;
- Increasing liquidity and the number of financial instruments.
- TLX is launched as an SSO of UniCredit Group in January 2000
- January 2003: TLX SpA becomes manager of the TLX market
- Since October 20, 2003, TLX SpA manages TLX (the Regulated Exchange) and EuroTLX (MTF)
- Q4 2006: Banca IMI becomes partner of TLX SpA
- February 12, 2007: Banca IMI starts to operate as Market Maker
- February 26, 2007: the ECB acknowledges EuroTLX as a “Non-regulated market acceptable by the ECB for collateral management purposes”
- November 1, 2007: with the start of MiFID, as by Art. 19 comma 12 of the Legislative Decree Nr. 164/07, EuroTLX officially becomes a Multilateral Trading Facility (MTF)
- April 1, 2008: Banca Popolare di Vicenza is the first Specialist to operate on own “branded” bonds
- August 12, 2009: Morgan Stanley first foreign Specialist
- October, 28 2009: BNL – BNP Paribas Group becomes the first Market Maker that is not a shareholder
- December 15, 2009: CONSOB authorizes the management of multilateral trading facility and the closing of the regulated market TLX
- January 1, 2010: TLX Spa changes its legal name in EuroTLX SIM Spa and closes the regulated market maintaining only the MTF
- May 27, 2011: UBS first foreign Broker
- June 13, 2011: introduction of Central Clearing Counterparty for domestic securities
- November 28, 2011: during the BTP Day, trades executed are more than 53,600, for a turnover of 1.2 billion euro
- December 28, 2012: For the first time, the total agency flow of non-members exceeds that of the two shareholders. Record of monthly turnover (12.1 billion euro) registered in October
- September 24, 2013: Borsa Italiana acquires 70% of the share capital of EuroTLX SIM S.p.A. Unicredit and Banca IMI retain a minority stake of 15% for each bank
- On July 21st EuroTLX trading platform has been migrated on Millennium IT that is the same platform in use for the markets managed by the Italian Stock Exchange and the London Stock Exchange;
- November 2016: Release of new Request for Quote functionality for trading size larger than size typically traded on Central Limit Order Book.
- July 2017: Admission of TradeGate as Market Maker B on EuroTLX Equity segment and admission of more than 200 new instruments on the same segment that now counts more than 350 equities
- December, 11th 2017 Release of new EuroTLXQuote segment. EuroTLXQuote is the new EuroTLX market segment that allows market participants to trade on Request for Quote basis. Fixed income financial instruments will be admitted by market initiative only without any quotation duty.