The new Market Segment Vorvel Equities
At the beginning of 2025, trading began on the new Vorvel Equities Market Segment, dedicated to the trading of Blue Chip Shares and ETFs.
The new Segment started with 38 Shares of primary importance and high liquidity on the Italian stock market, with continuous trading, from 9 am to 5:30 pm.
The Blue Chip Shares are now joined by the ETFs, which can be traded through the same model as the Blue Chip Shares, called the «Price-Member-Time Priority» matching model, or through the «RFE» matching model, depending on what is reported on the description page of each financial instrument, in the "Instrument Info" section, and under the RFE and PMT headings, as shown in the following example, where the instrument trades with RFE mode and without the P-M-T priority:
Negotiations are always assisted by at least one Liquidity Provider.
All participants are competing with each other (All-to-All model).
The negotiation proposals can therefore be matched according to a "Price-Member-Time Priority" matching model or, alternatively, according to an "RFE" matching model (i.e. Request for Execution). This is a novelty in the panorama of Italian Markets, so it is important to understand how Vorvel Equities works and do it before starting to trade.
How can I find out more about what’s new?
To learn about the features of the new Model and understand the implications of the P-M-T priority matching model, please read the following presentation
To learn about the features of the new Model and understand the implications of the RFE matching model, read the following presentation
For a detailed knowledge of all the rules of the Vorvel Equites Market Segment, consult the Rule Book 2. The operation of the Vorvel Equities and Vorvel Bonds Segments is described in Book 2 of Vorvel Market Rules, but the changes introduced only concern the new rules for Vorvel Equities.
For a general description of the new Market Model, see the page "Market model" and the "excerpt from Article 3 of Rule Book 2"
For answers to frequently asked questions, consult the following FAQ