Italian finance revolves around Piazza Affari. Palazzo Mezzanotte in Milan is no longer the floor where all the shouting goes on but it retains its mystique as head office of Borsa Italiana spa (www.borsaitaliana.it), the company that operates the country’s bourses. As in most major European capitals, the stock market floor has become a congress service centre, this one boasting sections of glass flooring showing the remains of a 2nd century building and a theatre from the late Imperial period. As for the structure of Italy’s markets, there are four large segments: Blue Chip, with the S&P/Mib and Midex indexes, Star (All stars index), Standard and Mercato Expandi. Blue Chip is basically for big companies capitalized at over a billion euro. Borsa Italiana requires certain formal requisites, such as a 25% float, publication and filing of the last three year’s financial statements and certification (with a favourable opinion) of the last one. There are also more substantial requisites, including the capacity to create, an ambitious business plan, a quality management team, consolidated and sustainable competitive edge, a good track record of economic-financial results, efficient management systems, transparent external communication and corporate governance systems in line with the Listed Companies Code of Self-Discipline. These requisites also apply to smaller companies (from €40m to €1bn capitalization) which gravitate to the Standard and Star segments. For the latter, however, the minimum levels of transparency, liquidity and corporate governance have been raised, with a minimum float of 35% (against 25% in the Standard). Lastly, small companies capitalized at under €40m trade on Borsa Italiana’s Mercato Expandi. Here too the last three years’ certified financial statements are required and there is a minium float of 10% for a minimum capitalization of €1m. Italy’s financial markets are regulated by the Commissione Nazionale per le Società e la Borsa (www.consob.it ).