"The Italian model of online trading is the most transparent, effective and evolved at an international level”. Word of the head of Private Investors for the equity and derivatives markets of Borsa Italiana and the London Stock Exchange, Gabriel Villa, who adds: “Even the United Kingdom and Germany, which also have very advanced financial systems, are looking at the Italian phenomenon with positive interest”. In short, for once we are an example to follow.
But how and when was this new formula born, so agile and usable for everyone but at the same time safe and professional? Villa always explains it: “The origins of online trading date back to the early 2000s, with the bubble of the new economy, giving anyone the possibility, quickly and effectively, to manage their investments on an online platform. They understood it right away banks and brokers, who have created increasingly practical and advanced platforms, and investors, both professional and non-professional, understood this immediately and started using this service thanks also to the economic advantage of very low commissions”.
Is this the secret of Italian success? "Also. In Italy commissions are the lowest in Europe, for two reasons: one, because Borsa Italiana already applies very low costs for intermediaries. Two, because the intermediaries themselves, i.e. the banks in particular, in turn establish very advantageous commissions”.
For example? “In England a customer can pay up to 20-30 pounds (22-34 euros) for placing an order, in Germany we are also around 20-25 euros. In Italy however, thanks to the policy of Borsa Italiana and the main banking groups, the average ranges from a minimum of 3 euros to a maximum of 7”.
Result: maximum benefit for the investor, especially the private one. Indeed the statistics say that in Italy the percentage of retail transactions out of the total is very high: 30%, most of which through online trading.
And the other reasons for the success? “As we said, the great attention of the banks, which have invested heavily to create extremely advanced trading platforms, which have nothing to envy to those of professional operators”.
But what consequences does this invasion of retail have on the market? “Actually nothing negative, indeed it favored one diversification of the market between institutional investors, owned desks and private individuals. The flow has certainly become very complex, but these factors interact well with each other, balancing each other.
So the presence of many private individuals, many of whom are young, who thanks to new technologies are approaching online trading, doesn't risk making the market too fluctuating and "emotional"? "I confirm that the average age of the online trader is actually going down: initially it ranged from 35-40 years of age upwards, but now the younger ones, thanks to the agility of tools such as smartphones, are becoming curious. But among the many positive and avant-garde aspects of the Italian system there is the great attention given to education by Borsa Italiana and by the banks: the customer is very clearly informed about the risks”.
A system open to all, but at the same time safe and transparent. And already perfectly regulated. “ That's right: the intermediaries apply all the required filters and strictly adhere to the Community directive on financial services".
And the event, the Expo 2011 online trading, it was a success? “Honestly, given the times of crisis, I expected a decrease compared to 2010. Instead we confirmed the same number of participants on the first day (3) and even today we are in line with last year's full house (5). There are 40 exhibitors, with two welcome new entries: Mediobanca and Poste Italiane. The presence of Poste Italiane, which historically has a clientele of savers, can be interpreted in a significant way: the concept is entering that online trading is a new way of communicating, which is increasingly widespread even among more traditionalist customers, so to speak".
