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FAQ

 

Online Market

What is it?.
How does it work?.
What do "ready to deliver" or "delivery delayed" mean?.
What do "Product Special Regulations" and "General Dispositions for dealing on BMTI" mean?.
What does Intermediary Agent (SAI) mean?.
What does Accredited Operator mean?.
How do they get information?.
How can I access the system?.
Which products can be negotiated within BMTI?.
 

Enrolment/Qualification

How to register?..
Who can become an Intermediary Agent (Soggetto Abilitato all'Intermediazione - SAI)?.
Who can become an Accredited Operator?.
What costs are involved?.
What is the list of Intermediary Agents (SAI)?.
 

Insurance Service

How does the Insurance Service work?..
 

Prices

What is meant by Prices Communication?.
What is meant by Monthly Report?.
What is meant by prices of the Chambers of Commerce?.
What is meant by Prices Area Portal?.
What is meant by Homogeneous Price List?.
What does FINC mean?.
What do Market Studies mean?.
 

 

Online Market

 

What is it?
The online system managed by the BMTI (Borsa Merci Telematica Italiana - the Italian Online Commodities Exchange) was created with the aim of brnging together buying and selling offers of agricultural, agro-energetic, agri-food and fish products and of logistics services, through a continuous auction mechanism which reflects the dynamics of the market and determines prices in real time.
This auction mechanism allows the execution of online contracts between vying parties which are compatible in terms of:

  • price;
  • quantity (equal to or multiples of the minimum negotiable batch);
  • delivery methods  ("franco arrivo" - ex works, "franco partenza" - carriage paid)

A "one-to many" approach is adopted for auction. With this system the dealer making a market offer can set up a negotiation with a theoretically unlimited number of counter-parties.

 

 How does it work?
In the system, market proposals can be entered in two ways: "ready delivery" and "delayed delivery". During the negotiating stage, the parties may intervene on the price of their offers only in order to improve them; i.e. only in such a way as to make their offer or request more advantageous for the potential counter-parties, though retaining their right to cancel the offer at any time. The first counter-offer matching the price of the main offer wins the auction for the whole amount offered or for a portion of it (in the latter case, the auction proceeds by shifting the residual quantity). The online markets are disciplined by specific "Product Special Regulations" and by the "General Dispositions for Dealing on BMTI".

 

What do "ready delivery" or "delivery delayed" mean?
In "ready delivery" deals the goods are taken to be at the disposal of the buyer from the day following the conclusion of the contract (eight-day limit). In  "delayed delivery" deals the delivery times of the goods are not different from ready delivery ones; the deliveries however do change, they are multiple and their frequency is agreed by the parties.

 

What do "Product Special Regulations" and "General Dispositions for dealing on BMTI" mean?
"Product Special Regulations" are adopted according to indications of the "Committees of the supply chain" and the National Deputation, they discipline the specific characteristics of the product, while the "General Dispositions for Dealing on the BMTI" discipline the contractual fulfillment modes (payment, delivery/collection of goods, etc) and any other event or fact subsequent to the conclusion of the contract, which might impact on the completion of the deal.

 

What does Intermediary Agent (SAI) mean?
The term SAI (in Italian: Soggetto Abilitato all'Intermediazione) relates to an Intermediary Agent who enjoys direct access to the BMTI online trading system. It is a completely new professional figure on the national agricultural scene, established under the Ministerial Decree of April 6th 2006 (and following amendment) issued by the Ministry for Agricultural Policies. The SAI performs intermediary functions related exclusively to telematic trading on BMTI. In particular, his job is to collect and manage online orders, on his own behalf or on behalf of Accredited Operators.

 

What does Accredited Operator mean?
An Accredited Operator is someone who has the possibility of monitoring market operations in the platform (through a provided market space) and of managing his relationship with the SAI, by means of whom he will insert his proposals.

 

How do they get information?
Both Accredited Operators and SAIs can use an email system which enables them to interact directly with one another and be informed on the deals struck on the platform. Furthermore they can both benefit from price and market communication services via email and sms text messaging services.

 

How can I access the system?
With a user name and a password issued at the moment of registration/ accreditation. Both codes are entered in the block on the BMTI website homepage, located on the right of the box containing the market proposals.

 

Which products can be negotiated within BMTI?
Go to the active Markets page to see what kinds of products can be negotiated within BMTI.

 

 

Enrolment/Qualification

 

How to register?
To start the registration or the accreditation, respectively for the SAI and the Accredited Operators, the procedure is very simple: fill in the form (there are two, one for SAIs and the other for Accredited Operators) on the BMTI portal, by opening it from the dedicated page: "Registration to the Market". The forms must be filled in each field, above all you must: specify and the username chosen (which together with the password forms the set of identifying data to access the system). Indicate the markets of interest and select the release clause for treatment of personal data. For details on procedures see the dedicated pages: Registration Procedures and Accreditation Procedures.

 

Who can become an Intermediary Agent (SAI)?
To register as a SAI the requisites indicated in the dedicated page (Intermediary Agent) have to be met.

 

Who can become an Accredited Operator?
To register as an accredited operator check on credentials as indicated in the page dedicated to Accredited Operator. In general terms, all professional operators of the agricultural, agro-enercetic, agri-food, fish and logistics sevices sectors- with regular enrollment in the "register of companies" of the authorized Chamber of Commerce - can gain accreditation.

 

What costs are involved?
Registration as a SAI is free up to December 31st 2009. The only cost is for a single payment of government stamp duty taxes (168,00 €), for enrolment in the SAI public register. For accreditation as Accredited Operator no cost is incurred; access is completely free.

 

What is the list of Intermediary Agents (SAI)?
The National Deputation, body of supervision and general direction of the BMTI, enters the Intermediary Agents in a register, and keeps the register itself. This is a public list kept in the portal space dedicated to the Deputation. There is another list, kept by the BMTI, in which are listed SAIs currently operating in the online dealing system. (See list).

 

 

Insurance Service

 

How does the Insurance Service work?
The insurance service known as Safe Online Market (active since March 3rd 2008) enables professional operators, through the brokerage of Intermediary Agents (SAIs), to close insured online contracts. The seller can use the service to protect himself from risk of insolvency (See Details).

 

 

Prices

 

What is meant by Prices Communication 
Prices Communication is an official document with which BMTI disseminates information relating to the negotiations carried out in the dealing system, in pursuance of Ministerial Decree of April 6th 2006 of the Ministry for Agricultural Policies, and following amendment. The Communication contains the prices at which online trading was done, calculated as an weighted average over the quantity of transactions per product, the market location (coinciding with the province or region) and delivery modes.

 

What is meant by Monthly Report?
The Monthly Report is an analytical document about the online trading, issued every month. Exchange results are presented by number of contracts, quantity and value. Focuses on each type of market and territory are also published.

 

What is meant by Prices of the  Chambers of Commerce?
These make reference to the work carried out by the BMTI in creating a single database in which are entered the prices published by the Chambers of Commerce in their own lists. The prices of the Chambers of Commerce, which can be compared through Homogeneous Lists, are used by BMTI to make ad hoc market analyses which are then made available on the Prices Area portal.

 

What is meant by Prices Area Portal?
The Prices Area has the aim of giving best exploitation of the information contained in the chambers price lists, so that the bulletins published by the various Chambers of Commerce can be compared and also that important information on the state of the agricultural and food markets can be gleaned. The objective has been attained with the creation of a homogeneous list for cereals, constituted by standard categories of product representing all the specific production areas in the national territory. The homogeneous list makes available for comparison the official bulletins published by the single Chambers of Commerce. The Prices Area service is addressed to the specialists of the prices and statistics offices of the Chambers of Commerce.

 

What is meant by Homogeneous Price List?
The homogeneous list is a tool used by the BMTI to compare the prices lists of the various Chambers of Commerce. In fact, the lists published by the Italian Chambers of Commerce are a fundamentally-important wealth of data which unfortunately, very often, does not allow an aggregate analysis of the data. Some Technical Committees, made up of sector experts, have constructed a series of Complete Lists (first for cereals and oil seed, and more recently for olive oil, table wine, dairy and milk products, citrus fruits and poultryand rabbits), which give the possibility to make comparisons. As with any synthesis process, the upper levels for local products necessarily take apparent precedence in terms of importance over some of the characteristics of locally-sourced products. The homogeneous list does not have the objective of replacing local lists or to remove those important typical aspects of local produce, but it rather aims to enable analyses to be made to give a national overview (as happens with the Chambers' National Fixing Index) while comparing variations in locally-encountered prices with similar products recorded by other Chambers of Commerce.

 

What does FINC mean?
The FINC (the acronym stands for Fixing Indicativo Nazionale Camerale - Chambers' National Indicative Fixing)  represents a price which presupposes the synthesis activity described before for the Homogeneous List. In the case of the FINC, however (which is at present used on the cereals and olive oil  markets) the summarising operation has two further requisites: 1) a convergent trend of the surveys, which can be compared over a period of time; 2) a level of the surveys which is not too dissimilar. The FINC is obtained from a proper mean calculation of the market quotations which respect the two above-mentioned requisites, with the addition of a further element to enable a variability band about the central value, whose range between minimum and maximum is intended to be representative of the analogous range between minimum and maximum deduced from the price lists of the Chambers of Commerce.

 

What do Market Studies mean?
Market studies are in-depth analysis of the main characteristics of a market (structure, volume, production, prices, import/export, trends, norms and standards, product characteristics, subjects of the supply chain, etc.). These studies might also include an assessment about the applicability of that particular market on the online platform.

 

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