Better prices definition
Better prices. (orders at) means, with reference to the price of a given order:a) any higher price if the order is an order to buy;b) any lower price if the order is an order to sell;Analogously, worse prices are lower prices if the order is an order to buy and higher prices if it is an order to sell.In the case of financial instruments whose prices refer to interest rates, the meanings of better and worse prices are the opposite of those just defined; “Black and Scholes pricing model” means the model with which the trading system determines the price of a call or put option, on the basis of the value of the implied volatility attributed by market makers; “Borsa Italiana” means the market management company “Borsa Italiana S.p.A.”; Capital increase having a strong dilutive effect means the capital increase presenting a ratio of the theoretical ex price to the cum price of the underlying share, estimated on the basis of the reference price of the day on which the terms of the capital increase are announced, that is less than or equal to 0.3. Where the terms of the event are disclosed more than a week ahead of the start of the event, the ratio is calculated at the beginning of the week before the one the event is expected to start. The qualification of capital increases with significant dilutive effects shall be notified to the market in a Notice by Borsa Italiana. “Central counterparty” means the legal person authorised to operate a clearing system, pursuant to Regulation 2012/648/EU; “Certified Company” means an issuer that obtained the Elite Certificate by Elite S.p.A. or another certificate obtained as the result of a process providing for training, implementation and improvement of management systems which is recognized by Borsa Italiana without discrimination and by means of procedures defined on a general basis; “Closing auction” means, on the electronic share market (MTA), Electronic investment vehicles market (MIV), the Electronic ETC/ETN market (ETFplus), and the electronic bond market (MOT), the method of trading that provides for the entry, modification and deletion of orders in a given interval (pre-auction) for the purpose of concluding contracts at a single given future moment (the closing) and at a single price (the closing-auction price or closing price); “Closing-auction price” means, on the electronic share market (MTA), Electronic investment vehicles market (MIV), the Electronic ETC/ETN market (ETFplus), and the electronic bond market (MOT), the price a...