Trading on regulated markets remains modest, with the exception of government bonds, plus the growth of admissions on Euronext Growth Milan, the former Aim, is offsetting the phenomenon of delisting companies that are leaving Piazza Affari.

That's what Consob President Paolo Savona said in his annual address to the financial community, which is celebrating its 50th anniversary today.

"The size of trading on regulated markets still remains modest, with the only exception of those on government bonds, which weigh almost three-quarters of the total," Savona explained.

"Since our overall savings remain abundant and, as evidenced by the positive balance of our foreign economic balance, a portion remains unused domestically, it becomes urgent to urge investment in equity securities representing real investments, which history teaches is a more effective way of protecting savings in the longer term than purely financial investments," the chairman of the Financial Market Supervisory Authority added.

Savona, moreover, emphasizes the farewells of companies from listing on Piazza Affari, "a phenomenon that is moreover present on foreign stock exchanges."

"The cancellations may be in perspective compensated by the growth of admissions to the Egm of companies that intend to experiment with the opportunity to raise capital on that market for their own development," adds the Consob chairman, who points out that "acting as an attraction to the choice of listing are the low costs of entry and permanence on the list, the rapid timeframe for carrying out the admission procedures, an advantageous taxation approach and the amplitude of liquidity flowing to trading."

(Giancarlo Navach, editing Claudia Cristoferi)