E-Mid Sim, the Italian company that manages Europe’s electronic markets for interbank deposits and overnight index swaps, has launched its new trading platform.
The upgraded platform, whose development was announced last October, has been built by List Group, the Pisan markets software designer. List became a shareholder in e-Mid Sim in March, alongside the 29 banks that own it. No shareholder owns more than 5%.
E-Mid was established in Italy in 1990 under the supervision of the Bank of Italy, which still regulates it. It was internationalised with the coming of the euro and now has 250 members in 29 countries, including 30 central banks.
It has an automatic settlement service via Target2, which processes about Eu4.5bn of transactions a day. Another Eu3bn are traded on the platform but settled outside the automatic mechanism.
Since February 2009, e-Mid has also managed MIC, the collateralised interbank market, in collaboration with the Bank of Italy.