Industry Updates

Euronext Milan workers to go on strike over ‘divestments’

Union claims Euronext has divested from Italy

Lauren Gibbons

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Italy's banking sector unions are set to strike at Euronext Milan in protest against the French firm’s ownership and management of the exchange.

Workers have planned to strike for the final two hours of the trading day on 27 June and further protests in the days following.

Unions - including Fabi, First Cisl and Fisac Cgil - have accused Euronext of disinvestment from Italy, fearing jobs moving abroad and the loss of Borsa Italiana’s management autonomy.

Euronext, which also runs exchanges in Paris, Amsterdam, Dublin, Oslo, Brussels and Lisbon, said in a statement it has created over 100 jobs in Italy, while also investing in training and bonuses.

In April 2021, Euronext acquired Borsa Italiana for €4.3bn from the London Stock Exchange Group.

The purchase of Borsa Italiana included the bond trading platform MTS where €2.4trn of Italy’s government bonds are traded.

Gabriele Poeta Paccati from the Fisac Cgil told Reuters the group wants to keep the decision-making centre in Italy for all of its strategic functions of the stock exchange, including MTS.

He also raised concerns about potential job losses at the exchange.

“While the global competitive landscape continues to present significant challenges, our strategic plan emphasises the mutualisation of operations and optimisation of existing processes to reinvest in new growth areas and consolidate the Italian presence within a stronger pan-European group,” a spokesperson said.

“Ongoing negotiations with unions aim to adapt working conditions to the new growth trajectory of the company.

It added it was confident it will achieve a constructive dialogue with its partners.

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