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.”

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