The sale of the Milan Stock Exchange to Euronext has sparked controversy and led to a loss of decision-making power for unions at the stock exchange. In addition, there has been an increase in overtime, which has added to the tension between unions and management. The conflict also has a political dimension, with major unions calling for a two-hour strike on June 27, with further actions planned for mid-July.
The industry minister, Adolfo Urso, has summoned employee organizations and Borsa Italiana representatives to discuss the situation in early July. Economy and Finance Minister Giancarlo Giorgetti is monitoring the strike issue closely. The unions have alleged “constant disinvestment in Italy and the relocation of jobs,” among other grievances. They are calling for better governance and fair treatment for employees.
Euronext, which owns Borsa, rejects these allegations but acknowledges that the new organization may require more overtime and weekend work. They are open to constructive dialogue with the unions. Since the integration, a hundred new jobs have been created, but Borsa Italiana has experienced a significant loss of managers since being sold to Euronext in 2021.
The sale of the Milan Stock Exchange to Euronext sparked controversy due to concerns about French influence in Italy’s financial industry. Prime Minister Giorgia Meloni is closely monitoring the situation as it could become a political issue given her tense relationship with French President Emmanuel Macron. Industry Minister Adolfo Urso feels vindicated by the current labor dispute as he opposed the sale of Borsa Italiana to Euronext at that time.
