The labour dispute at the Milan Stock Exchange between unions and management has garnered attention due to its political dimensions. The three major unions of Borsa, a part of the Euronext stock exchange, have called for a strike on June 27, with further actions planned for mid-July. This marks the first strike in the history of the Milan stock market.
Industry Minister Adolfo Urso and Economy and Finance Minister Giancarlo Giorgetti are both monitoring the situation closely. The unions have raised concerns about job relocation, overtime, and governance issues within the organization. Euronext, however, denies these allegations and is prepared for a constructive dialogue with the unions.
The integration of Borsa into Euronext has led to the creation of new jobs but also a loss of autonomy for Milan. The responsibility of Euronext Clearing has been extended to financial and commodity derivatives, with plans to expand the Italian presence within the Euronext Group. Italian shareholders, including Intesa Sanpaolo and Cassa Depositi e Prestiti, have a say in the organization.
The sale of the Milan Stock Exchange to Euronext has faced criticism, with concerns about French influence in Italy’s financial industry. Minister Urso had opposed the sale, advocating for offers from other exchanges. The current right-wing government believes French influence is too great and has called for more operational functions to be relocated to Milan. Prime Minister Giorgia Meloni is closely following the situation, which could have political implications given her strained relationship with French President Emmanuel Macron.