Borsa Italiana

Borsa Italiana is the main stock exchange in Italy and is part of Euronext, one of the major financial exchange groups in Europe. Borsa Italiana offers a wide range of financial services and products, allowing companies to access the capital market and investors to trade a wide range of financial instruments.
SeDeX and EuroTLX Cert-X are MTF markets, managed by Borsa Italiana, dedicated to the trading of warrants and certificates. They offer investors a broad range of tradable securitized derivatives on the Optiq market platform of the Euronext group.
Borsa Italiana categorizes the instruments traded on the SeDeX and EuroTLX Cert-X markets into four market segments:

• Covered Warrants Plain Vanilla
• Covered Warrants Structured/Exotic
• Leverage Certificates
• Investment Certificates

All instruments on the SeDeX and EuroTLX Cert-X markets are traded in units using the Request for Execution (RFE) market model, which requires the mandatory presence of a Liquidity Provider to support instrument liquidity.
In detail, the two markets are described as follows:
Cert-X is the segment of securitized derivatives within the EuroTLX market, which has been an integral part of the Borsa Italiana group since 2013. It serves as the reference market for the listing of investment certificates or other structured products following a public offering or private placement. Trading on this market occurs during standard hours: 09:05 – 17:30.
SeDeX is Borsa Italiana's historical market, founded in 2004 as an evolution of the Covered Warrant Market. It serves as the reference market for the listing of warrants and fixed and variable leverage certificates. SeDeX also includes investment certificates, typically traded directly on the market. SeDeX offers extended trading hours (ETH) with the issuer having the option to choose between two different morning opening times (08:00 or 09:05) and three different evening closing times (17:30, 20:30, or 22:00).

For more information, please refer to: The new market model for SeDeX and EuroTLX (Cert-X) - Borsa Italiana