MOT and EuroTLX

Last update, October 9th, 2019


The MOT is the Electronic Market of Bonds and State securities (Mercato Telematico delle Obbligazioni e dei Titoli di Stato) managed by Borsa Italiana, which trades:

  • Italian State securities (BOT; BTP; BTPi; CCT; CTZ)
  • Local authority bonds
  • Non-convertible bank, corporate and structured bonds
  • Eurobonds and bonds issued by foreign authorities.

Trading is divided into the following stages:

1. Opening auction
2. Continuous trading

There is therefore no closing auction.

All the contracts have a value date of 2 days.

Fixed-income securities denominated in a foreign currency (no Euro denominated) are currently not available with Directa


A European bond market qualifying as MTF (Multilateral Trading Facility) where a wide variety of securities is traded.

It should be noted that EuroTLX regulations envisage the use of order acceptance parameters, that vary for the different categories of financial instruments, and in particular:

  • Limit 1, maximum price variation limit of trading proposals with respect to the previous day's closing price
  • Limit 2, maximum price variation limit between two consecutive contracts for the same financial instrument.

Proposals that do not respect these limits, which are expressed as percentages, are automatically refused. So it might be impossible to insert orders at prices that are still visible in the book but no longer meet the required parameters.

For the trading hours of the two markets click here.