News of the week:
Watch for scams! Abusive financial services: Consob blocks 10 new websites
The capitalisation of the Italian stock exchange grows in 2025, worth almost half of Italy's GDP - Stock trading continues to increase (+30%) as does trading in Italian government bonds (+39%) - The number of listed companies admitted to trading continues to decline, with a slight recovery in the Egm segment

Consob's decisions of the week

- NEWS OF THE WEEK -

Consob has ordered the blocking of 10 new websites used to conduct illegal activities: specifically, it has ordered the blocking of 3 websites offering investment services without authorization and 7 websites used to make three public offerings of financial products without a prospectus.

Below are the websites Consob has ordered to be blacked out:

• Trade Point PTY (website https://evpmarketgroup.com and related page https://client.evpmarketgroup.com);
• “Alfa Mercati” (website https://alfamercati.com and related pages https://clients.alfamercati.com and https://trading.alfamercati.com);
• Horizons28 (website https://horizons28.com and related page https://area.hz-zone.com);
• Aixa Miner Cloud Mining Investment Ltd (websites https://aixaminer.com, https://aixaminer.org and https://aixaminer.net);
• Fyenergy Cryptocurrency Investment Ltd (websites https://fyenergy.com, https://fyenergy.org and https://fyenergy.net);
• “Hodlwealth” (website https://hodlwealth.org).

The number of websites blacked out since July 2019, when Consob got the power to order that the websites of fraudulent financial intermediaries be blacked out, has thus risen to 1537. The Authority has exercised the powers granted by the “Growth Decree” (“decreto crescita”) with regard to blocking the websites of abusive financial intermediaries, as well as those introduced by Law No. 8 of 28 February 2020, with regard to blocking websites through which abusive offers are made.

The measures adopted by Consob can be consulted on the website www.consob.it. The black-out of these websites by Internet service providers operating on Italian territory is ongoing. For technical reasons, it can take several days for the blackout to come into effect.

Consob draws investors' attention to the importance of adopting the greatest diligence to make informed investment choices, adopting common sense behaviors, essential to safeguard their savings: These include prior verification, for websites offering financial services and crypto-assets, that the operator through which the investment is made is authorized and, for financial and crypto-asset product offerings, that the prospectus or white paper has been published.

To this end, Consob would remind you that on the website www.consob.it there is a section on the homepage, "Watch for Scams!", providing useful information to warn investors against financially unauthorized initiatives.

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Consob has also suspended, for a period of 90 days, pursuant to Article 99, paragraph 1, letter b) of the TUF:

• the offer to the public residing in Italy concerning ‘mining or investment contract plans’ promoted by Aixa Miner Cloud Mining Investment Ltd, including through the websites https://aixaminer.com, https://aixaminer.org and https://aixaminer.net (Resolution No. 23833 of 21 January 2026);
• the offer to the public residing in Italy concerning “mining or investment contract plans” promoted by Fyenergy Cryptocurrency Investment Ltd, including through the websites https://fyenergy.com, https://fyenergy.org and https://fyenergy.net (resolution no. 23832 of 21 January 2026);
• the offer to the public residing in Italy concerning the “Investment Packages” called “Initial”, “Standard”, “Premium” and “Premium Plus” promoted by the so-called “Hodlwealth” also through the website https://hodlwealth.org (resolution no. 23834 of 21 January 2026).

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Italian financial market activity strengthened in 2025: the total capitalisation of companies supervised by Consob recorded significant growth (+28.8%), bringing the market value of traded shares to almost half of Italy's GDP (48%), the highest value since Consob began recording data in 2010. In addition, the increase in trading consolidated and the number of listed companies and companies admitted to trading, although down compared to 2024, rose again in the second half of the year. This, in summary, is the picture that emerges from the latest Statistical Bulletin, Markets section, published by Consob, relating to the second half of 2025.

At the end of December, the number of companies listed on Italian regulated markets or admitted to trading on multilateral trading facilities, subject to Consob supervision, rose to 426 – of which 411 had their registered office in Italy – from 423 in June. This number remains lower than the 434 at the end of 2024, confirming a reduction in the scope on an annual basis, but in the second half of the year it interrupts the downward trend of previous periods. Despite the number of companies declining compared to 2024, the total value on the stock exchange has grown. Total capitalisation rose sharply: from around €836 billion at the end of 2024 to around €1,077 billion at the end of 2025 (+28.8%). The increase was particularly marked for the 411 Italian companies, whose capitalisation rose by 40.6%, thanks in particular to the financial sector. In line with this trend, the ratio of stock market capitalisation to gross domestic product grew during the year, rising from around 38% at the end of 2024 to close to 48% at the end of 2025.

There was also widespread strengthening in trading activity. In 2025, the value of share trading in supervised companies grew by around 30% compared to 2024. There was a significant increase in trading in Italian government bonds (around +39%), while activity in bonds issued by Italian issuers other than the government remained substantially stable.  Trading in ETFs and securitised financial derivatives (ETCs and ETNs) continued to grow, with an increase of over 44% ( ). On the other hand, trading in mutual funds fell sharply (-45%). There was a moderate increase in derivatives trading (+12%), with covered warrants and certificates also growing (around +25%).

Looking at trading platforms, the downsizing of the regulated Euronext Milan market continued: at the end of the year, there were 198 listed companies, down from 202 at the end of June and 209 at the end of 2024, with no new admissions. In the segment dedicated to small and medium-sized enterprises, Euronext Growth Milan, after a weak start, there was a recovery in the second half of the year: from 204 companies at the end of June to 211 at the end of December, a level close to that of 2024.

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Order, pursuant to Article 7-octies, letter b), of Legislative Decree No. 58 of 24 February 1998 (Consolidated Law on Finance – TUF) to put an end to the violation of Article 18 of the same TUF, put in place by:

• Trade Point PTY via the website https://evpmarketgroup.com and the related page https://client.evpmarketgroup.com (resolution no. 23836 of 21 January 2026);
• Alfa Mercati via the website https://alfamercati.com and related pages https://clients.alfamercati.com and https://trading.alfamercati.com (resolution no. 23837 of 21 January 2026);
• Horizons28 via the website https://horizons28.com and related page https://area.hz-zone.com (resolution no. 23835 of 21 January 2026).

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