Italy Bourse Workers Strike for Better Terms as Tensions With Euronext Rise
Strike Details and Background
By Giancarlo Navach
Strike Announcement and Timing
MILAN, April 30 - Workers at Italy's stock exchange will hold a half-day strike on Thursday for better working conditions, amid strained relations with the Paris-based pan-European exchange operator Euronext, of which Borsa Italiana is a member.
The strike, which will begin at around midday (10:00 GMT), is not expected to cause disruption to transactions on the bourse, which are automated.
Union Perspective
"Our objective is to draw attention to a situation of deep discontent over working conditions at one of the key infrastructures of Italy's financial system," Gabriele Poeta Paccati, a representative of the FISAC-CGIL union, told Reuters.
"We expect some disruption, but that will depend on how the company organizes itself in response to the strike," Poeta Paccati added.
A Borsa Italiana spokesperson declined to comment.
Workforce and Previous Actions
Around 800 people work at the group's sites in Milan and Rome for its platforms which exchange company shares and government and corporate bonds. These platforms include Borsa Italiana, Monte Titoli, MTS and CC&G.
Workers staged a similar but shorter two-hour strike two years ago, which they say produced an inadequate response from management.
Key Complaints
Most of the workers' complaints involve relations with Paris-based Euronext, which they say excludes Italian staff from key decisions.
Main Issues Raised
Among issues they cite are plans by Euronext to halve the number of days on which staff can work from home to four per month from eight, a company bonus considered disappointing, and a failure to increase the value of lunch vouchers.
Euronext's Acquisition and Ownership Structure
Euronext, which operates the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, Athens and Paris exchanges, completed its acquisition of Borsa Italiana from London Stock Exchange Group in 2021, in a 4.3-billion-euro ($5.03 billion) deal.
As part of the transaction, Italian state lender CDP and Italy's largest bank Intesa Sanpaolo bought 8.1% and 1.55% of Euronext respectively. France's Caisse des Depots also holds 8.1%.
Centralization Concerns
The unions argue that since the 2021 acquisition, the "federal" model announced by the group has gradually turned into a centralization of decision-making in Paris.
($1 = 0.8551 euros)
(Editing by Gavin Jones)
