Statistical Bulletin no. 25/1 - Market - July 2024
 

Financial Markets in the first half of 2024

In the first half of 2024, the number of Italian and foreign companies listed on regulated markets Italian regulated markets or admitted to trading on Italian multilateral trading systems for which the Consob is the competent national authority pursuant to Article 4 of the MAR Regulation and Article 27 of the MiFIR regulation (hereinafter referred to as ‘supervised listed companies’ for brevity) remained unchanged at 433 companies (the Italian companies decreased from 428 to 427), as a result of the reduction recorded on Euronext Milan (in the first half of the year, 4 companies were delisted against one admission), the increase on Euronext Growth Milan (EGM) (8 admissions, of which one foreign company, against 5 delisted) and the reduction recorded on Vorvel (1 company admitted against 2 delisted). The capitalisation of supervised listed companies increased by 4% (8% for Italian companies), mainly due to effect of the positive market performance (the Ftse All Share Italia index increased by 8% in the first half of the year). The ratio of capitalisation to GDP stood at 39.2% (based on GDP at the end of March 2024) from 38.2% at the end of December.

The turnover of trades in shares of supervised listed companies increased by 20% in the first half of 2024 compared to the same period in 2023. Margins held by participants in the central counterparty system (Euronext Clearing) for Italian regulated markets decreased by 9% from 15 billion euros at the end of 2023 to 13.6 billion euros at the end of June.

The notional value of standardized equity derivatives trades in the first half of 2024 marked an increase of 2% compared to the same period in 2023. At the end of June 2024, the number of open positions in derivatives was 4.4% lower than December 2023. The total turnover on the multilateral trading facilities SedeX and EuroTLX of trades in covered warrants and certificates during the second half of 2024 increased by 44% compared to the second half of 2023, and this increase mainly involved certificates on SeDex and EuroTLX.

Net short positions on shares of Italian listed companies amounted to 0.8% of total capitalisation (0.9% at the end of June 2023); for companies in the financial sector, this figure was 0.5% of sector's market capitalisation (0.6% at the end of June 2023).

In the first half of 2024, the value of transactions in Italian government bonds on Italian trading platforms increased by 58% compared to the first half of 2023 and the value of transactions in bonds issued by Italian entities other than government securities grew by 8%. The value of transactions in ETFs and securitised derivative (ETC/ETNs) grew by 5%, similarly to the value of transactions in mutual funds, which rose by 32%.

The Report was prepared by:
Gaetano N. Finiguerra (Coordinatore) - CONSOB, Head of Statistics Office, Research Department (g.finiguerra@consob.it)
Francesco Scalese - CONSOB, Statistics Office, Research Department (f.scalese@consob.it)
 

Thanks to Simone Fioravanti (s.fioravanti@consob.it), Antonio Russo (a.russo@consob.it), Sandro Leocata (s.leocata@consob.it) for their collaboration.

Editorial secretary: Andrea Cianciullo

For information and clarifications write to: Ufficio.Statistiche@consob.it

ISSN 2281-3101 [online]