Unicredit Banca Mobiliare, part of Gruppo UniCredito Italiano, went live last week with what it believes is Italy's first online securities lending programme. Luigi De Vito, responsible for the bank's lending activities, said clients will be able to view prices for term loans and open loans but will not be able to execute transactions online.

At the moment clients can view prices for 10 stocks used as general collateral and those for two 'specials', also known as 'hot stocks'. The latter are more expensive due to the high demand and are often linked with a merger or acquisition deal. On January 31, Seat Pagine Gialle, Tiscali, Enel, Generali, Italgas, and Telecom Italia were among the stocks available for loan on the website. Unicredit's borrowing requirements (including Olivetti and Pirelli) are also being posted on the web.