Sunday, April 2, 2023 - 10:00

Certificates and Covered Warrants

The negotiation of Certificates and Covered Warrants is the main activity of the Vorvel Market, from which our path of innovation started.

The solutions offered are among the most modern on the international scenario and are not reflected in other existing Italian markets. 

What makes us different?

Vorvel has been the first and the unique Italian market to introduce:

  • A market model based on a price validation mechanism called "Request for Execution" whose goal is to improve the quality of pricing and reducing spreads compared to traditional market models.
  • The extension of trading hours from 8:00 a.m. to 11:00 p.m.
  • Certificates with underlying USA assets and commodities tradable throughout the entire opening hours of the American markets.

Vorvel also offers:

  • the most competitive fees in the Italian market.
  • fully automated listing processes that guarantee T+1 trading.
  • post-trading solutions that minimize the associated settlement costs.

Brokers and Market Makers

On Vorvel leveraged and Investment Certificates of five Issuers are traded. The Issuers are: Fineco Bank, Banca Akros, Banco BPM, UBS and Leonteq.

Italian investors can trade the financial instruments admitted on Vorvel Certificates by seven brokers: Fineco Bank, Banca Akros, Iccrea Banca, Equita Sim, Mediobanca, Banca Generali and Banca di Cambiano, to which are connected many other intermediaries.

Three Market Makers (called "Specialist") are already active: Fineco Bank, Banca Akros and Equita Sim. Mediobanca has already obtained the admission and is going to activate soon.