Statistical Bulletin no. 24/1 - Market - January 2024
 

Financial markets in second half of 2023

In the second half of 2023, the capitalisation of Italian companies whose shares are admitted to trading on regulated markets or multilateral trading systems in Italy (hereinafter referred to as "Italian listed companies" for brevity) increased by 6% mainly due to positive market performance (the Ftse All Share Italia index recorded a 7% change in the six-month period). The ratio of capitalization-to-GDP was 28.6% (based on preliminary data by Istat) at the end of December from 27.4% at the end of June. The number of Italian listed companies increased from 419 to 428, due to entries on Euronext Growth Milan (EGM) (+10 companies entering the market in the second half of 2023) and the reduction of only one on Vorvel.

The turnover of shares of Italian listed companies on regulated markets and multilateral trading systems, both in Italy and abroad, increased by 18% in the second half of 2023 compared to the same period in 2022. Margins held by participants in the central counterparty system for Italian regulated markets decreased by 15%, from 17.6 billion euros at the end of June to 15 billion euros at the end of the year.

The notional value of equity derivative trades in the second half of 2023 marked 10% increase compared to the same period in 2022. At the end of 2023, the number of open positions in derivatives was 33.8% lower than end of June 2023. The total turnover on the multilateral trading facilities SedeX and EuroTLX of trades in covered warrants and certificates during the second half of 2023 increased by 38% compared to the second half of 2022, and this increase mainly involved certificates on EuroTLX.

Net short positions on shares of Italian listed companies decreased compared to the end of June 2023, representing 0.8% of the total market capitalisation (0.9% at end-June 2023). For companies in the financial sector, the figure was 0.6% of the sector's market capitalisation (compared to 0.9% at end- June 2023).

In the second half of 2023, the value of transactions in Italian government bonds on Italian trading platforms increased by 79% compared to the second half of 2022, while the value of transactions in bonds issued by Italian entities other than the government securities remained almost constant. The value of transactions in ETFs and securitized derivatives (ETC/ETNs) decreased (-20%), while the value of transactions in mutual funds increased by up 17%.

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

Editorial secretary: Andrea Cianciullo

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

ISSN 2281-3101 [online]