The Italian Stock Exchange, the heart of the Italian financial system, was hit by an unprecedented event: il first strike in its history.
Unions in the banking and financial sector, including Fabi, First Cisl and Fisac Cgil, they decided to abstain from work for two hours on 27 June 2024, followed by other forms of protest until 14 July.
This strike is not just a trade union action, but a sign of protest against the strategies of delocalisation and streamlining of structures within the company.
The Italian Stock Exchange and the Euronext Group
The Italian Stock Exchange is part of the Euronext group, a French company that also controls the Paris stock exchanges, Amsterdam, Brussels and other European cities.
This external control has led to concerns among unions about the loss of centrality of the Italian market and the threat of job cuts.
The unions accuse the Euronext group of “constant disinvestment, systematic and comprehensive from Italy" and of emptying the Italian structures.
The relocation of activities abroad could lead to a decrease in the Italian presence in the global financial market and a threat to the economic stability of the country.
Why the Italian Stock Exchange is on Strike
There are four reasons for the strike. First of all, the unions are worried about employment stability on the national territory, delocalization and near shoring, or the transfer of jobs abroad. Furthermore, the unions contest the governance of the company and the loss of directional and strategic autonomy.
They are asking for a salary increase of between 400 and i 600 euro and greater worker participation in the management of the company.
The Italian Stock Exchange has decided not to pay the salary increases provided for in the contract, believing that employees already receive sufficient pay.
This decision led to a strong protest among the unions, who accuse the company of not respecting contracts and not considering the needs of workers.
What the Strike Implies
The strike could have significant consequences on trading in financial securities, as actions, bonds and government bonds.
The Italian Stock Exchange also controls the Telematic Market of Government Securities (MTS), where Italian and European government bonds are traded. The MTS operates government bond exchanges for 13,5 billions of euros every day.
If the strike were to have a significant impact on the market, could lead to a decrease in operations and greater uncertainty for investors.
This could have repercussions on the stability of financial markets and investor confidence, with possible negative consequences for the Italian economy.
The Company's Response
The Italian Stock Exchange has already announced that it will attempt a dialogue with the unions to resolve the disputes. The company also highlighted that it has created more than 100 jobs in Italy over the last year and to have invested in worker training and bonuses.
However, unions argue that these investments are not enough to compensate for job losses and the decrease in Italy's presence in the global financial market.
The strike of the Italian Stock Exchange is a historic event that could have significant repercussions on the Italian financial system. Unions are fighting to protect jobs and the centrality of the Italian market, as the company seeks to maintain its position in the global financial market.
The Italian community of the FIRE movement (Financial Independence, Retire Early) to stop working and retire young.