Italy’s stock market saw increased trading activity in the first half of 2026, despite ongoing concerns about its shrinking number of listings.
Trading volumes on Euronext Milan Domestic rose 18.62% compared to the same period last year, according to a semiannual report from AMF Italia. The gain came from higher share prices and greater participation from foreign intermediaries, which added depth to trading sessions.
Bonds and ETFs move in opposite directions
While equities improved, the bond market showed a mixed performance. Trading volumes on the domestic MOT platform climbed 11%, boosted by popular retail-focused government bonds like Btp Italia Sì and Btp Valore. Activity on EuroTLX, which handles corporate bonds, declined.
ETFs saw strong growth. Trading on the ETFplus segment jumped 60.36%, reflecting a shift toward low-cost index funds over pricier managed savings products. Certificates also gained traction, with volumes on SeDex rising 13.36% and those on Vorvel Certificates increasing 30.85%.
New platforms add liquidity, but listings remain a weak spot
The report shows how additional trading venues have expanded the market’s reach. Vorvel, a multilateral trading facility that evolved from Hi-MTF, specializes in bonds, certificates, and equities. Equiduct, a regulated segment of the Berlin Stock Exchange, also facilitates retail trading in Italian stocks. This year, Tradeweb joined the ecosystem, offering electronic trading for large orders of government bonds, corporate debt, ETFs, and derivatives.
These platforms create new opportunities for liquidity, particularly in complex products that might otherwise struggle to find buyers or sellers. Each intermediary selects the venues that best fit its strategy, resulting in a more adaptable trading environment.
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Still, the market’s long-term health depends on reviving initial public offerings. Miriam Felici, AMF Italia’s secretary general, stated in the report that while Italy’s market remains efficient and liquid, attracting international interest, these advantages alone won’t be enough without efforts to encourage more listings. Tax incentives, she suggested, could help draw both retail and institutional investors back to equities.
The challenge is significant. The number of listed companies on Piazza Affari has been shrinking for years, a trend the Consob annual report identified as a structural weakness. Higher trading activity doesn’t address the core issue—fewer companies to trade.
The move toward ETFs and certificates, while beneficial for liquidity, also shows investor hesitation to bet directly on individual stocks. For small and mid-sized companies, this reluctance makes going public less attractive. Without new listings, the market risks becoming narrower, dominated by a handful of large players.
A strong bond issue earlier this year demonstrated how financial instruments can draw attention, but broader market participation remains essential.
Who’s leading the trading?
The report from AMF Italia includes, as usual, the ranking of intermediaries, consolidating the activity carried out by each on the various trading venues.
For now, Piazza Affari remains active, though its long-term challenges persist.
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