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e-Mid Rolls Out New Platform

Overnight index swap and deposit trading provider e-Mid has launched its new platform, which was developed and managed by trading technology company List.

The new platform will service 250 member banks and follows the initial agreement in October 2008 for the development of the new platform infrastructure.

Francesco Cesarini, e-Mid’s president, says that the two firms have stressed the importance of building a market architecture combining reliability at all times with flexibility and openness for future developments.

“Specific attention has been given to automated debits/credits on the Eurozone gross settlement system’s Target2 accounts for banks,” he adds. “These, even in the present state of the financial system, represent a turnover of about 4.5 billion euros per day, with an additional 3 billion euros daily traded on the platform, but settled outside our automatic settlement mechanism.”

e-Mid’s general manager,Vincenzo Mioccio, says: “This functionally richer platform meets the requirements of Treasuries and strengthens membership to our markets nationally as well as internationally. For instance, the 56 members of MIC (the collateralized interbank market – managed in cooperation with the Bank of Italy) benefit from the new auto-matching functionality, which is particularly useful on an anonymous market like MIC, automatically matching quotes on the market.”

New developments for MIC will allow each participant to control usage of the security pool. The automation increases the efficiency and agility of collateral management used in liquidity operations on MIC, the firm claims.

The protected and guaranteed venue allows Italian institutions, representing over 80% of the banking sector, to trade euros on terms from one week to six months.

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