company presentation - himtf.com · luigi luttazzi s.p.a. becomes shareholder with 25% of hi-mtf...

www.himtf.com

Company Presentation

2018 Hi-MTF Sim S.p.A. | P.IVA 05755500963 | All Rights Reserved

www.himtf.com2

Agenda

■ About Hi-MTF

■ Market Structure

■ Quote - Driven Hybrid segment

■ Order - Driven segment

■ Fixed-Income

■ Equity

■ RFQ segment

■ Primary Market - Issue

www.himtf.com3

About Hi-MTF

General overview and shareholders

3

Overview

▪ Hi-MTF is a Multilateral Trading Facility (MTF) – a MiFID compliant type of

trading venue – oriented to retail clients

▪ Hi-MTF provides investors with the opportunity to trade a wide range of bonds:

government, corporate, banking, structured and others

▪ Hi-MTF’s Mission: efficiency and effectiveness in managing a trading platform

oriented to non professional investors and centered on liquidity and transparency

Current shareholders, each holding 25% of capital, are:

www.himtf.com44

2010

Quote-Driven

segment

start-up

- Banca Akros

becomes

Partecipant and

Market Maker

- IW Bank becomes

Partecipnat

Order-Driven

segment

start-up

- Invest Banca

- Banca

Intermobiliare

become

Partecipant

- Central Counterparty (CCP)

project start-up with CC&G,

regarding clearing and settlement

related to bonds settled in ICSD’s

- Fineco Bank becomes Partecipant

2008

2009 2011

2013

2014

Technological

Platform upgrading

in line with growing

trading volumes

▪ A summary of Hi-MTF’s corporate history :

- Banca IMI

- MPS Capital

Services

become

partecipant

2015

2016

About Hi-Mtf

Key milestones

Equita Sim

become

partecipant

2017

New Equity

Market model

and Issue

(Primary

Makret)

start-up

RFQ

segment

start-up

2018

Luigi Luttazzi S.p.A.

becomes

shareholder with

25% of Hi-Mtf

Update of

segment Quote

Driven in Quote

Driven Hybrid

www.himtf.com5

About Hi-Mtf

Market microstructure: description

5

ORDER-DRIVEN SEGMENTQUOTE-DRIVEN HYBRID SEGMENT

RFQ SEGMENT

■ The segment hosts Fixed-Income securities:

Government Bonds (Italian and foreign), Supranational

Bonds, Corporate Bonds, Banking Bonds, Emerging

Markets and Structured Bonds

■ A Market Maker (MM) exhibits continuously

compulsory bid-ask quotes even with possibility to

insert proprietary orders

■ New market Partecipant: Aderente Diretto Gold

■ Orders insert by Aderenti Diretti (AD) participate in the

composition of the negotiation book

■ The segment is divided into two sub-segments:

– Fixed-Income

– Equity

■ Trades take place as a consequence of the

Participants’ orders intersection

■ Liquidity can be sustained by Specialists exhibiting

bid-ask quotes on a predefined assets basket

■ The segment hosts a selection of liquid securities on Quote

Driven

■ «Request for Quote» Negotiation: a Proposal forwards an

anonymous Purchase/Sales request to the Market and the

Aggressor can respond to the request with a price and

quantity

■ Minimum size € 1mln on Government Securities and

€ 200K on Eurobond

■ For «professional» (eg: asset management)

www.himtf.com6

About Hi-Mtf

Securities listed on the Market

6

ORDER-DRIVEN SEGMENT

Fixed Income*

QUOTE-DRIVEN HYBRID SEGMENT*

RFQ SEGMENT*

Total: 877

■ Banking Bonds Branded (in particular: Popolari, Casse di

Risparmio, BCC) and Eurobond

Totale: 1.440

Totale: 262

ORDER-DRIVEN SEGMENT

Equities*

Total: 24 Equities

■ Italian Government Bonds: 127

■ Foreign Government Bonds : 129

■ Supranational Bonds: 100

■ Corporate: 264

■ Banking: 163

■ Emerging Markets: 94

■ Banca Sella

■ Banca Valsabbina

■ Cassa di Risparmio di Cento

■ Banca Apulia

■ Banca di Imola

■ La cassa di Ravenna

■ Banca Pop. Volksbank

■ Cassa di Risparmio Bolzano

■ Banca Popolare Lazio

■ Banca Regionale di Sviluppo

■ Banca Popolare di Cividale

■ Banca Popolare di Lajatico

■ Banca Popolare di Bari

■ Banca Popolare Pugliese

■ Cassa di Risparmio Asti

■ Banca Popolare Valconca

■ Banca Agricola di Ragusa

■ Banca Popolare Puglia Basilicata

■ Credit Agricole Friuladria

■ Banca Popolare di Fondi

■ Banca Popolare Sant’Angelo

■ Banca Macerata

■ Banca Popolare Frusinate

■ Italian Government Bonds: 126

■ Foreign Government Bonds : 30

■ Supranational Bonds: 6

■ Corporate: 45

■ Banking: 48

■ Emerging Markets: 7

Last update: 30/09/2018

BROKERS MARKET MAKERS

QU

OT

E-D

RIV

EN

HY

BR

IDO

RD

ER

-DR

IVE

N

Specialist on

a subset of

tools

RF

Q

7

About Hi-Mtf

Brokers and Market Makers

www.himtf.com8

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com

Quote Driven Hybrid

Client orders

Market Maker

Quotes

Proprietary orders Proprietary orders

Market Structure

Quote Driven Hybrid

Aderente Diretto

Order Collection

Aderente Diretto

Gold

Market Makers exhibits continuously compulsory bid-ask quotes. They even have the possibility to insert proprietary

orders on financial instruments other than those subject to the exposure of the quotes.

Aderenti Diretti send orders from their clients (client orders) that partecipate in the composition of the trading book

Aderente Diretto Gold is a new Market partecipant that is authorized to send proprietary orders on a limited number

of financial instruments.

www.himtf.com

Specialist exhibiting bid-ask quotes on a predefined assets basket

Aderenti Diretti send orders from their clients to the Market

Negotiation ClosingAuction

7:30 8:40 9:00 17:00 17:05 17:20 17:30

Iniz

Pre

-au

ctio

n

Pre

-

ne

go

tia

tio

n

Market Structure

Order Driven Fixed income

Order Driven Fixed income

Order Collection Order CollectionOrder Collection

Aderente Diretto Aderente DirettoSpecialist

www.himtf.com

Order Driven Equity

Client orders

9:00 17:30

Receiving Orders ClosingIniz

Mo

n-T

hu

Receiving Orders ClosingIniz

Fri

da

y

Client ordersClient orders

Auction

12:0011:469:007:30

7:30

Aderente Diretto

Order Collection

Aderente Diretto

Order Collection

Aderente Diretto

Order Collection

Aderenti Diretti send «limited price» orders from their clients.

Orders can be placed from Monday to Thursday from 9.00 to 17.30 and on Friday from 9.00 to 11:45.

On Friday is scheduled the weekly Auction from 11.46 to 12.00 (closing).

Market Structure

Order Driven Equity

www.himtf.com12

Market Structure

Transparency and liquidity

12

Transparency

Liquidity

Info Sheet

Rreal-time Book

Market Makers

Check and

Monitoring

systems

■ Hi-MTF provides investors with an Info Sheet for each financial instrument listed on the market, for free

■ Hi-MTF’s aim is promoting awareness on investment choices

■ Hi-MTF provides investors with a real-time 5-level-deep trading book, for free

■ Compulsory presence of a Market Maker for each security listed on the Quote-Driven segment of the market

■ Market Makers are required to quote both pre-defined minimum sizes and competitive prices (price limits, as defined by the Market Regulations, are in place)

■ Hi-MTF assures Market Makers duties are met, via continuous monitoring

www.himtf.com13

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com1414

Quote-Driven Hybrid segment

Features

ClosingNegotiationInizialization

7:30 8:40 9:00

Asset

Class

(2018)

Asset Class Number

127

129

100

163

264

94

Market

Phases

Mon-Fri

877 Bonds

Pre-

negotiation

17:30

Credit Rating for

the all listed

Bonds

%

15%

11%

19%

30%

11%

14%

Selection

Criteria


▪ High liquid securities

▪ Bond, mostly investment grade

▪ Quality-oriented approach of prices

Italian Government Bonds

Foreign Government Bonds

Supranational Bonds

Corporate Bonds

Banking Bonds

Emerging Markets Bonds

MM and AD can access the market

MM insert quotes/orders, Aderenti

Diretti place orders and AD Gold

insert proprietary orders

MM can insert quotes

www.himtf.com1515

ISIN

Italian Government Bonds Foreign Government Bonds

Corporate Bonds Financial Institutions Bonds

1 2

3 4


Quote-Driven Hybrid segment

Most traded Bonds Ist Sem 2018

ISIN DESCRIPTION TRADESCTV

(€mln)

IT0005215246 BTP 15 OT 23 0,65% 1357 84,6

IT0005210650 BTP 1 DC 26 1,25% 1460 65,0

IT0004594930 BTP 1 ST 20 4% 1446 55,6

IT0005142143 BTP 1 NV 20 0,65% 381 54,8

IT0005323032 BTP 1 FB 28 2,00% 1146 54,3

IT0005170839 BTP 1 GN 26 1,60% 1557 54,0

IT0005282527 BTP 15 NV 24 1,45% 898 52,9

IT0003493258 BTP 1 FB 19 4,25% 1358 51,2


(€mln)

IT0005108060 BCA POP EMILIA 4,25%SUB 15/6/25 637 15,9

XS0130717134 UGF ASS. TM SUB CALL 15/06/2021 470 13,6

IT0005136038 ICCREA BANCA TF/TV 30/09/2020 483 11,3

IT0005240335 ICCREA BANCA TM 1/2/22 542 11,1


XS0173649798 UGF ASS. TM SUB CALL 28/07/2023 458 10,1


XS1044894944 BANCO BPM 3,5% 14/3/2019 61 6,3


(€mln)

US912810RK60 T BOND 2,50% 15/2/45 USD 207 6,2

US912828H524 T BOND 1,25% 31/1/20 USD 43 4,4

US912810RB61 T BOND 2,875% 15/05/43 USD 90 3,8

US912828VB32 T NOTE 1,75% 15/05/23 USD 59 3,6

US912828VZ00 T NOTE 2% 30/09/20 USD 96 3,5

PTOTEAOE0021 PORTUGAL 4,95% 25/10/2023 223 3,1

US465410BG26 REP OF ITALY 5,375% 15/6/33 USD 39 1.8

US912828VS66 T NOTE 2,5% 15/08/23 USD 85 1.8


(€mln)

XS1388625425 FIAT 3,75% 29/3/2024 73 8,2

XS1048568452 FIAT 4,75% 22/3/2021 34 4,2

IT0005108490 AUTOSTRADE 1,625% 12/6/2023 126 3,9

XS0953215349 FIAT 6 ,75% 14/10/2019 28 3,2

XS1088515207 FIAT 4,75% 15/07/22 27 3,1

IT0004869985 ATLANTIA 3,625% 30/11/2018 91 2,4

FR0010014845 PEUGEOT 6% 19/09/33 54 1,9

XS0170343247 ENEL 4,75% 12/06/2018 38 1,1

www.himtf.com16

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com1717

Order-Driven segment

Features

Order Driven Segment hosts about 1.440 «branded» bonds and 24 Equities

Features

Some

important

Issuers

■ The segment hotes more than 1.400 securities of Banche Popolari, Casse di Risparmio and BCC

■ Banca Akros ed Equita Sim contribute to liquidity as «Specialist» on a subset of tools

Bonds Equities

www.himtf.com18

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com19

Orders

ClosingNegotiationInizialization

7:30 8:40 9:00

Pre-

negotiation

17:00 17:05

Pre-

auction

17:20 17:30

Auction

Order-Driven segment - Fixed Income

How it works

Market

Phases

Specialists and AD can access the market

Specialist and AD insert orders

Participants place orders

Specialists can insert orders

Technical negotiation stop preceding the auction phase

■ At a Limited Price (LMT)Execution

Mode

(both during the Negotiation

and the Auction)

■ Only valid auction

■ Fill and Kill (FAK)

■ Good till cancel (GTDay)

■ Good till date(GTDate)

■ Fill or Kill (FOK)

www.himtf.com2020

Order-Driven segment - Fixed Income

Most traded Bonds in Ist Sem 2018

20 most tarded «branded» bonds on Hi-Mtf Order Driven

BCC / Bance Popolari / Casse di Risparmio

ISIN DESCRIPTION TRADES CTV (€uro)

IT0004975899 CRED.VALT. 3,75% 30/12/18 SUB 2a 2,898 38,870,138.41

IT0005139560 CREVAL 2,20% 30/11/2018 236a 768 18,609,193.77

IT0005177222 CREVAL 1,90% 13/05/19 240a 870 16,641,096.27

IT0005245995 CREVAL 1,00% 18/04/20 244a 991 13,546,204.80

IT0005135527 BCA POP SONDRIO 3% 23/10/22 SUB 983 12,896,336.38

IT0005092884 BCA POP SONDRIO 2,50% 30/3/22SUB 886 10,722,775.73

IT0004983695 CRED.VALT. 2,85% 30/12/18 220a 281 10,281,513.28

IT0005177891 BPC 2,00% 26/04/19 123a 4 9,081,239.71

IT0004778905 B.P SONDRIO S/UP 23/12/18SUBSINK 340 7,510,463.73

IT0005087454 CRED.VALT. S/UP 18/02/20 231a 198 6,497,886.92

IT0005002222 CRED.VALT. 2,50% 04/03/19 222a 234 6,287,086.38

IT0005217416 CREVAL 1,50% 14/11/19 241a 186 6,244,956.14

IT0004965684 CRED.VALT. 3,15% 07/10/18 217a 182 5,732,953.12

IT0005053845 CRED.VALT. S/UP 12/09/19 227a 234 5,109,871.81

IT0005245888 BCA POP SONDRIO 1,70% 21/04/2022 175 4,015,188.44

IT0005075913 CRED.VALT. S/UP 14/01/20 230 146 3,493,996.46


IT0004897200 ICCREA BANCA TM 20/03/2018 75 3,303,458.96


IT0005053837 CRED.VALT. TM 12/09/18 228a 134 3,041,611.55


www.himtf.com21

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com

1

2

3

5

6

4

22

Order-Driven segment - Equity

Goals

Ensure Transparency

Facilitate the marketability

Ensure «price discovery» more trusted

Empower the Issuer

Comply with the new laws

Define a «market model» for less liquid securitiesThe proposed model

aims to promote an

orderly process towards

the market

www.himtf.com23

▪ Established an Observation Period dividied into 6 Intermediate Periods of observation of 2 months each

▪ The issuer provides the Market the initial trading price (Reference Price) and certifies that it is confirmed by at least one third

indipendent expert; the issuer chooses order entry limits (within a range defined by Market)

▪ At the end of every Intermediate Periods of observation in case of failure to reach the Minimun Threshold limits have been

increased by +/- 4%; instead in case the Minimun Threshold is reached limits could be reduced to the previous range in

accordance with Article 71, of the Regulation as the definition of Cumulative Threshold

▪ The Reference Price changes only when is reached the Reference Threshold or at the end of the Observation Period (12 months)

with the exceeding of the Liquidity Threshold

▪ If at the end of Observation Period has not reached a minimum level of trading (Liquidity Threshold):

‒ Begins a 6 months Control Period divided into 3 intermediate periods of control, lasting 2 moths each, during which the

threshold are halved of their original value

‒ In case of failure to reach the minimum threshold, at the end of a intermediate period of controls, limits are doubled

progressively


Qualitative descriptions of the operation

www.himtf.com

▪ Price limit orders Orders good till Date (maximum duration 60 days)

Orders auction only

24

Feature Description

Auction Model

Types of orders

Horizon of

observation

Period of

Observation

Intermediate

periods of

Observation

▪ It is a period of 12 months in which is measured the consinstency of trade in order to determinate the

Reference Price

Periodo of

Control

Intermediate

periods of

Control


Characteristics of the Model (1/3)

▪ The control Period is divided into 6 intermediate periods of control of 2 months each, during which

the threshold are halved of their original value and limits in case of failure to reach the minimum

threshold, at the end of an intermediate period of controls, are doubled progressively

▪ Weekly Auction

▪ Formation of the auction price according to current market rules (aimed at maximizing the quantity

tradable)

▪ Whitin the observation period, there are 6 intermediate periods lasting 2 months, after which it will be

measured the cumulative trade consistency. In case they have not reached a minimum amount

(«Minimum Threshold») the limits for the order entry are automatically expanded.

▪ The Control Period follows the Period of observation if at the end of the year the «Liquidity

Threshold» has not been reached. The Control Period has a duration of 6 months and during this

period is measured the consinstency of trade in order to determinate the new Reference Price

www.himtf.com25

Reference

and Auction

Price

Reference

Price

Auction

Price

Feature Description

Significance

Thresholds

Reference

Threshold

Minimum

Threshold

Liquidity

Threshold



▪ The Issuer provides the market the Starting Price of the trading (Reference Price) and attests to

the market that is confirmed by the assessment of at least one third indipendent expert (the

“Evaluator”)

▪ This is the Price at which the order entry limit +/- 8% («swing band») is applied

▪ It changes only in case of significant trades (reacing the «reference threshold» at the end of the

«observation period»)

▪ It must be updated if the Liquidity Threshold is not reached at the end of the Observation Period

▪ Is the price at which the auction take place and may deviate from the reference price within the

order entry limit and price variation

▪ Identifies a consinstency of significant exchange values, which once achieved is calculated a new

reference Price as the weighted average of prices found during the observation period

▪ It can be defined by the Issuer, at the beggining of each observation period and changed once a

year

▪ Calculated on the market capitalization of the Issuer

▪ Identifies a consistency of minimum exchange values, for which, at the end of the mid-term

observation period, the order entry limit («swing band») is automatically and compulsorily extended

▪ It may be defined by the Issuer, at the beginnig of each observation period, and changed once a year

▪ Calculated on the market capitalization of the Issuer

▪ Identifies a consistency of exchange values, measured during the entire observation period, the

failure of which will start the period of control

▪ Consist of 6 times the value of the minimum threshold (ex. 0,6% if the minimum threshold is 0,1%)

www.himtf.com26

Order entry

Limit

(«band if

swing»)

▪ Identifies the range, around the Reference price, in which it’s possible to place buy / sell orders

( +/- 8% )

During the

first

intermediate

period of

observation

Then

Feature Description



▪ They will automatically be expanded, to the failure to achieve the minimum volumes of

exchanged values defined by the «minimum threshold»

▪ In case of failure to reach the minimum threshold at the end of the intermediate control periods

the limits will be doubled

www.himtf.com27


Limits and Thresholds Values

Limits

Thresholds

Parameter Observation Period

Initial value

Increases

Reference

Minimum

+/- 8%

+/- 4%Equal to twice the limit valid in the

previous auction

Between 0,5% and 1,5%

of the market cap.


of the market cap.

(increase: 0,50%)


of the market cap.

(increase: 0,1%)


of the market cap.

Control Period

Equivalent to the limit for the last

auction of the Period of Observation

www.himtf.com2828


Example data sheet - Equity 1/2

The information that Hi-Mtf shows for equities has been updated in order to be more transparent and clear for retail investors.

Next to the symbol that identifies the Bank that owns the Share there are some information that briefly describe the latter, with an indication

of the Partecipant (Aderente Diretto) who has proposed the listing of the Equity.

The "Informazioni" section includes, among others, the Minimum and Reference Threshold levels chosen by the Issuer at the time of listing,

the Reference Price with the range between place orders both in percentage and in numerical value.

The section «Valori attuali relativi al periodo di osservazione» shows the start date of the Period, the average price and the percentage of

achievement of the significance thresholds.

www.himtf.com2929


Example data sheet - Equity 2/2

The second part of the data sheet of the Equity shows the first 5 levels of the Market Depth with the total quantities in buy and sell and the

theoretical auction price.

The section «Periodo Intermedio in corso» shows the start and end date of the two-month period with the price, quantity, countervalue and

progressive countervalue generated in all the auctions of this intermediate period. Furthermore, all auction dates included in the two

months are presented in order to give clearer information and allow investors to have a more detailed investment time horizon.

www.himtf.com30

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com

Offer liquidity to «buy-side» and to clients

with no-retail quantities

Med

iiu

m-L

ow

Med

iiu

m-h

igh

Offer a regulated venue and execute RFQs

in trasparency as Regulations require

31

RFQ segment

Goals and features of the RFQ segment

1

2

Goals DescriptionFeaturs

Market segment, working as a RFQ system, for no-retail orders in size terms

CC&G Warranty

Competition

Binding RFQ

Minimum Size

Multiple

Executions

Anonymity

▪ The trades are guaranteed byCC&G (Cassa di Compensazionee Garanzia) that eliminates thecounterparty risk.

▪ If the conditions in the relevant orderare satisfied, the execution of the tradeis automatic («automatch»)

▪ Potential aggressors can discover theprice coming from other aggressorswho responded to the enquiry and thisis aimed to improve competition.

▪ Italian Government Bonds: 1.000.000▪ Eurobond: 200.000▪ It applies to enquiries and executed

trades.

▪ For the same enquiry there could bemultiple partial executions withdifferent counterparties.

▪ Potential aggressors can notrecognize the identity of theproposal and vice versa.

www.himtf.com 29

In the Rfq model below a «Proposal» forwards an anonymous purchase/sale request (RFQ) to the

Market and one or more «Aggressor» can respond anonymously with price and quantity

Proposal

Hi-MtfRFQ

«buy-side» 1

«buy-side» 2

«buy-side» n

«sell-side»1

«sell-side»2

«sell-side»n

AggressorOperator who can

forward an enquiry

(RFQ)

Quantity Bid Price Quantity Ask PriceTimeout:

120 sec (*) 3.000.000 100

101

102

«Buy-side»

Request to buy

3 milion of

corporate

Bond

«sell-side»

Operator who can

respond to the

enquiry RFQ

500.000

500.000

2.000.000

RFQ segment

Trading mechanism

Anonymity

▪ The request submitted by the Proposal (who can be a "buy-side" or a "sell-side") and the related responses from the Aggressors create a real-time book and this mechanism stimulates competition among participants in the segment.

it is possible for the Proposal to forward an enquiry without timeouts, which will be cancelled from the Market at the end of the trading day if the RFQ is not executed.

www.himtf.com33

Agenda

■ About Hi-MTF




■ Fixed-Income

■ Equity

■ RFQ segment


www.himtf.com

How it works Features

Trading ways

Offer Price

Trading model

Transparency and

secondary market

34

Primary Market - Issue

Primary Market on Hi-MTF

▪The Intermediary or Intermediaries responsible for the placement are the only

partecipants who are enabled to enter Sale proposals at the fixed price.

▪Each Intermediary can enter only one Sale proposal; the sum of the quantities on sale

by all the Intermediaries can not exceed the total amount offered by the Issuer.

▪Brokers can only enter Purchase proposals at a Limited Price (LMT) equal to the fixed

price or Without Limit proposals and their proposals can not be modified.

▪ The distribution activity on Primary Market Segment (ISSUE) of Hi-MTF is carried

out in a countinous trading period possibly followed by an auction period.

▪ The auction period is optional.

▪ At the opening stages of the distribution period, the offer price of the financial

instrument is fixed and it is communicated to the Market by the Intermediary

responsible for the placement.

▪ Hi-MTF Website ensures wide visibility and transparency to placements and its features

in the section «ISSUE».

▪ The issuer may require, following the successful placement, the listing of the Bond on

the secondary market of Hi-MTF.

www.himtf.com

Website: www.himtf.com

CEO Giovanni Roversi

Phone 02 89283354

E-mail [email protected]

Head of Operations Alessandro Rigamonti

Phone 02 89283355


Head of Market Supervision Andrea Braga

Phone 02 89283352


35

Contacts

www.himtf.com

November 2018 Hi-Mtf SIM S.p.A.

This Document is the exclusive property of Hi-Mtf SIM S.p.A.

This Document does not constitute any investment proposal by Hi-Mtf SIM S.p.A. The document is intended for descriptive and promotional purposes only,

and cannot be said to be exaustive. Data presented can be used for personal uses only. Hi-Mtf Sim S.p.A. cannot be demand as responsible for any

demage even deriving from any mistakes related to the interpretation of the content included in this presentation.

The information presented is based upon sources considered credible but without made an indipendent verification on data source.

Reference to past performance cannot be interpreted as an indication of results promised for the future, since the investment in financial instrument is

affected by multiple factors.

company presentation - himtf.com · luigi luttazzi s.p.a. becomes shareholder with 25% of hi-mtf...

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