It has concerns about supervision when the Borsa is traded on its own exchange.

ECONOMIST: Borsa Italiana

And when the Borsa Italiana eventually gets a public listing, shareholders might force the exchange's hand, as Mr Capuano concedes.

ECONOMIST: Borsa Italiana

But unless the borsa can offer a spruced-up market, backed by reformed corporate governance, potential investors and issuers of equities will be deterred.

ECONOMIST: Italy��s stock exchange

It is the only IPO on the Borsa Italiana all year.

FORBES: Brunello Cucinelli: Life By Design

Meanwhile, the Borsa intends to grow at home.

ECONOMIST: Borsa Italiana

The Borsa's board has already approved the bid.

ECONOMIST: Borsa Italiana

The London bourse has long been eyed by Borsa Italiana as a potential partner but now has teamed up with Euronext to bid for MTS, 46% of which is owned by Italian banks and 54% by foreign banks.

BBC: NEWS | Business | Euronext drops plans to rival LSE