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Workers at the Milan Stock Exchange staged a historic strike on June 27, protesting against the management practices of Euronext (ENX.PA), which acquired the exchange in April 2021.
Image Source: Reuters
The demonstration, marked by waving flags and on-site gatherings, occurred without disrupting trading on Borsa Italiana. Euronext responded by acknowledging the decision of participating staff and expressed readiness for further discussions with the unions to address their concerns.
The unions accused Euronext of systematically withdrawing investments from Italy, emphasizing the symbolic nature of the strike despite its impact on operations.Around 50-60 people participated in the on-site demonstration, with additional employees joining remotely from the total workforce of approximately 700 at the Milan bourse.
Giovanni Costantini, a union representative for Monte Titoli, emphasized, “It’s a symbolic strike. We don’t want to inconvenience ordinary people or the financial community but we can’t go on like this,” as he spoke to Reuters.
Lando Sileoni, secretary general of the Fabi banking union, highlighted concerns during a radio interview, stating, “The loss of strategic autonomy for Borsa Italiana is the most critical issue behind this strike. We are also worried about potential job losses, failure to deliver on pay rises, and a dysfunctional work environment.”
Euronext, while asserting its commitment to Italy by creating over 100 jobs in recent years, faces ongoing scrutiny from unions seeking to resume negotiations. Industry Minister Adolfo Urso has scheduled a meeting with the unions on July 3, indicating a potential path forward for addressing the conflict.
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