Milan Bourse strikes deal with unions over jobs, one-off bonus
Agreement includes a one-off bonus of 2,000 euros for staff
Euronext pledges to keep Milan stock exchange jobs intact for three years
Adds Euronext comments in paragraphs 5-6
MILAN, Oct 31 (Reuters) -Italian banking sector trade unions said on Thursday they had reached an agreement with the Milan stock exchange, part of Euronext ENX.PA, to keep employment levels unchanged over the next three years and pay staff a one-off bonus of 2,000 euros ($2,170).
The agreement, which still needs to be ratified by workers, paves the way for ending a dispute which prompted Italian trade unions to call their first strike at the Milan bourse in June.
"With the agreement, the Milan Stock Exchange pledges to safeguard employment levels for the next three years," unions Fabi, First Cisl and Fisac-Cgil said in a statement.
Euronext, which also runs stock markets in Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris, completed its acquisition of the Italian stock exchange, or Borsa Italiana, in April 2021.
"The group aims to at least maintain its occupational level in Italy, focusing on organic growth", Euronext said in a statement confirming the agreement with unions.
Euronext, which will present its strategic plan to 2027 next week, added it remained committed to continue investing in the entire capital markets value chain in Italy, notably in listing, trading, clearing and settlement services".
In calling the historic strike in June, unions accused Euronext of "constant, systematic and overall disinvestment from Italy".
That prompted a reaction from Italy's industry minister, Adolfo Urso, who said the government would start monitoring commitments made by Euronext when it acquired the Milan bourse.
"We addressed all the issues that fell within our remit. In relation to governance issues and strategy we trust the Italian authorities can do their part," the unions said.
($1 = 0.9208 euros)
Reporting by Elvira Pollina
Editing by Keith Weir and Sandra Maler
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.