Milan Stock Exchange staff walk out in historic strike

MILAN — Workers waving flags demonstrated outside the Milan Stock Exchange on Thursday as they staged a historic strike to protest against the way it is being run by owner Euronext.

Unions scheduled the stoppage for two hours from 3:30 p.m. to 5:30 p.m. (1330-1530 GMT), the end of the working day, but Euronext has said it expects there to be no disruption to trading on Borsa Italiana, the Milan exchange.

The unions have accused Euronext of "constant, systematic and overall disinvestment from Italy."

Euronext—which also runs stock markets in Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris—completed its acquisition of the Italian stock exchange in April 2021.

"It's a symbolic strike," said Giovanni Costantini, a union representative for Monte Titoli, a part of the exchange that helps to manage Italy's huge public debt.

"We don't want to inconvenience ordinary people or the financial community but we can't go on like this," he told Reuters.

There were around 50-60 people at the demonstration outside the exchange building but unions said other members had also stopped working and joined the action. There are in total around 700 employees at the Milan bourse.

Lando Sileoni, secretary general of the Fabi banking union, said that a loss of strategic autonomy for Borsa Italiana was the most important of four grievances behind the strike.

Speaking to Rai Italian radio, he also cited fears over potential job losses, failure to deliver on pay rises and a dysfunctional environment as the other drivers.

Euronext declined to comment on Thursday but said last week when the strike was called that it had created more than 100 jobs in Italy over the last year and invested heavily in training and workers' bonuses.

Borsa Italiana chair Claudia Parzani has defended Euronext's ownership, saying this week it has boosted employment and wealth, and overseen an upgrade in technology.

The takeover of Borsa Italiana, previously part of London Stock Exchange Group, has been a sensitive political matter in Italy, mostly due to its ownership of the MTS platform where Rome's 2.4 trillion euro government bonds are traded.

Unions expect to return to the negotiating table after a meeting which Industry Minister Adolfo Urso has scheduled with them for July 3. — Reuters