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United Kingdom & Europe Stock Loans CONSOB EUR

Italy Stock Loans against Borsa Italiana shares

A stock loan against shares you hold on Italy’s principal equity venue — for family offices, founders and controlling shareholders, without selling a single share.

01 · Process
How it works

From enquiry to funding.

—StageWhat happensTiming
01Confidential enquiryThe holding and the objective, shared under NDA through a secure channel.Day one
02Indicative termsStructure, sizing and indicative pricing returned against the position.1–2 days
03Structuring & documentationKYC, share and market review; terms formalised under institutional documentation alongside your counsel.1–2 weeks
04Custody & fundingPledged shares held at a qualified custodian; collateral secured and proceeds released.On completion
02 · The Market
United Kingdom & Europe

Italy equity markets.

An Italian stock loan lets a founder, family holding company or controlling shareholder raise cash against a position listed on Borsa Italiana — now Euronext Milan — without selling it, without surrendering voting control, and while staying the beneficial owner until the facility is repaid. The shares are euro-denominated, so a EUR or USD drawdown against an Italian line settles cleanly across the Euronext federation, which is how most cross-border borrowers structure the loan.

What shapes an Italian facility is the transparency regime and the depth of the name. Under Article 120 of the TUF (Testo Unico della Finanza), crossing 3% of a listed company’s voting share capital — 5% for an SME issuer — is notifiable to CONSOB and the issuer, with further thresholds at 5%, 10% and upward, so the pledge is sequenced around the holding. Liquidity is rarely the constraint for FTSE MIB constituents, where free float and daily turnover support a higher loan-to-value; it weighs more on FTSE Italia Small Cap and Euronext Growth Milan names. Shares settle T+2 through Euronext Securities Milan, formerly Monte Titoli, which governs when the pledge is perfected and the loan can be drawn.

Italy stock loans at a glance:

Listed venueBorsa Italiana (Euronext Milan)
RegulatorCommissione Nazionale per le Società e la Borsa (CONSOB)
CurrencyEUR
SettlementT+2
Disclosure threshold3% (5% for SMEs)
Principal indicesFTSE MIB, FTSE Italia Mid Cap, FTSE Italia Small Cap
StructureNon-recourse, limited- or full-recourse

Regulatory references are published for general orientation and are not legal advice.

03 · Exchanges
One Venue

Each Italy exchange, covered.

Borsa Italiana · Milan

Borsa Italiana (Euronext Milan)

The principal Italian equities venue, with a distinctive concentration in financials, utilities, and industrial conglomerates. Now part of the Euronext federation, with harmonised market rules and pan-European order-book access.

View Borsa Italiana →
04 · FAQ
Italy · Stock Loans

What holders ask about Italy.

01Does a share pledge over Italian-listed shares have to be disclosed to CONSOB?
It can. Under Article 120 of the TUF, an interest crossing 3% of a listed company’s voting share capital — 5% for an SME issuer — is notifiable to CONSOB and the issuer, with further thresholds at 5%, 10% and above. Where the lender’s security interest carries voting or acquisition rights, it can itself be disclosable. We map the exact notification and timing to your holding before anything is executed.
02Can I borrow in US dollars against shares listed in Milan?
Yes. The shares are euro-denominated, and a USD or EUR facility can be drawn against a Euronext Milan line. Because Italy is inside the euro area there is no separate peg to manage, and settlement runs through the pan-European infrastructure. We set out the hedging, settlement and withholding-tax points expressly in the documentation.
03How much can I borrow against Italy-listed shares?
The loan-to-value is set to your holding — its free float, daily traded volume, volatility, and your own regulatory standing. A large-cap with deep free float supports a higher LTV than a thin mid-cap, and a non-recourse structure runs lower than a full-recourse one on the same stock. We quote indicative ratios only after reviewing the position.
04Which Italy exchanges can I borrow against?
We cover Borsa Italiana (Euronext Milan). Financing is arranged against shares listed there; which venue applies depends on the issuer’s primary listing and how the holding trades.
05What currency can the facility be drawn in?
The default is EUR, the listing currency. Cross-currency structures — drawing a USD or EUR loan against the position — are common, and bring hedging, settlement and tax points we set out expressly in the documentation.
06Who regulates these transactions in Italy?
Commissione Nazionale per le Società e la Borsa (CONSOB) is the principal regulator. Black Haven Investments lends as principal; lending and any regulated activity are conducted by, or through, appropriately licensed or registered entities in the relevant jurisdiction.
07What is the settlement cycle on Italy exchanges?
Equities listed on Borsa Italiana (Euronext Milan) generally settle on T+2. The settlement cycle governs when the pledge over the shares is perfected and the loan can be drawn, so we align the funding mechanics to it.
08At what level does a shareholding become disclosable in Italy?
The principal threshold is 3% (5% for SMEs), under TUF (Testo Unico della Finanza) Art. 120 overseen by CONSOB. Crossing it — in either direction — triggers a notification, and a pledge can itself be relevant; we map the exact levels to your holding before anything is executed.
09Can a foreign or offshore holder pledge Italy-listed shares?
Generally yes. The shares sit with a qualified custodian and are pledged to secure the facility; any foreign-ownership limits or registration requirements turn on the issuer and sector, and we check them against your specific line at the structuring stage.
10How long does it take to arrange a stock loan in Italy?
Indicative terms typically follow within one to two business days of a confidential enquiry. Documentation and funding usually complete within about three weeks, depending on custody onboarding and the size of the position.
05 · Adjacent Markets
United Kingdom & Europe

Countries adjacent to Italy.

United Kingdom · Europe (Euronext) · Germany · Switzerland · Spain · Sweden · Finland · Denmark · Poland · Austria · Norway · Turkey

All countries →

Guides

Related guides.

Fundamentals

How Much Can You Borrow Against Your Shares?

There is no flat figure. The advance against listed shares is set to the specific holding, driven by liquidity, volatility, concentration, your regulatory standing and the recourse profile you choose.

Read → Risk

What Happens If Your Stock Falls During a Loan?

If your pledged shares fall in value during a loan, what happens depends entirely on the structure you agreed at the outset — recourse facilities can call for a top-up, non-recourse facilities cannot.

Read → Process

How to Get a Stock Loan: The Process, Step by Step

Getting a stock loan runs through five disciplined stages: a confidential enquiry, indicative terms, documentation, custody and pledge, then funding under a single accountable principal.

Read →

A particular Italy holding to talk through?

Send a confidential enquiry, and a senior principal will reply within one business day.

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