27 January 2017
London
Reporter: Drew Nicol

BrokerTec eyes up e-MID purchase


BrokerTec is on track to acquire a controlling majority stake in e-MID SIM, the first Italian electronic central limit order book platform for inter-bank deposits and overnight indexed swaps.

BrokerTec will integrate e-MID into its architecture to offer additional eurozone repo and government bond products.

e-MID will become a subsidiary of BrokerTec Europe, which is NEX Group’s global electronic fixed income trading platform.

John Edwards, managing director of BrokerTec Europe, will manage the combined entity.

BrokerTec confirmed it will establish a money market offering for Italian corporates, leveraging the EBS BrokerTec brand and combined business operations to connect e-MID with EBS Treasury, its money market fund platform for corporates.

The purchase is subject the approval of the Bank of Italy, which BrokerTec said it expects to receive in the coming months.

Seth Johnson, CEO, EBS BrokerTec, said: “The acquisition of e-MID is strategically important to the BrokerTec business as we look to expand into the Italian financial markets.”

“Their technology and products are complementary to those of BrokerTec and I’m confident that they will positively contribute to EBS BrokerTec’s overall strategy of providing a truly multi-product offering to an expanded global client base.”

John Edwards, managing director at BrokerTec Europe, said: “e-MID are an extremely important company within the Italian banking ecosystem with a very strong reputation in the fixed income markets.”

“Contingent on final approvals, we look forward to working with them to share our mutual technology and product offerings and become a true partner to the Italian fixed income markets.”

More swaps news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
LCH launches new SwapClear client account
14 August 2017 | London | Reporter: Drew Nicol
J.P. Morgan and Aviva Investors are among the first adopters of this new account type
OneChicago expands futures products
05 July 2017 | Chicago | Reporter: Drew Nicol
The new No Dividend Risk Friday Futures will be available from 24 July 2017
French elections revive European markets
03 May 2017 | Frankfurt | Reporter: Drew Nicol
The first round of the French election prompted rallies in Europe’s beleaguered equities markets, while fixed income also saw sharp corrections, according to Eurex
Eurex secures KfW as IRS clearing client
05 April 2017 | Frankfurt | Reporter: Drew Nicol
German government-owned investment bank KfW has looked to Eurex Clearing for IRS clearing services
Traiana enhances swaps offering
27 February 2017 | London | Reporter: Drew Nicol
Traiana has launched a new suite of services to allow swaps providers to electronically manage payments and confirmations in equity swaps
BrokerTec eyes up e-MID purchase
27 January 2017 | London | Reporter: Drew Nicol
BrokerTec is on track to acquire a controlling majority stake in e-MID SIM, the first Italian electronic central limit order book platform for inter-bank deposits and overnight indexed swaps...
CME boasts record-breaking peso IRS activity
19 January 2017 | Chicago | Reporter: Drew Nicol
Derivatives marketplace CME Group achieved a record-breaking January trading day by clearing more than MXN 1 trillion (USD 45.53 billion) interest rate swaps in a single session...