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
J.P. Morgan and Citi collaborate on truePTS post-trade platform
15 December 2017 | New York | Reporter: Zsuzsa Szabo
The New-York-based startup processes ecosystem for the global $700 trillion derivatives market
Eurex Clearing secures five signups for its OTC partnership programme
05 December 2017 | Frankfurt | Reporter: Zsuzsa Szabo
BGC Partners, Bloomberg, TP ICAP Group subsidiary i-Swap, Tradeweb and, Tradition’s Trad-X are on track to become approved platforms as part of the Eurex Clearing partnership programme
NEX boasts major client growth for collateral management service
28 November 2017 | New York | Reporter: Drew Nicol
NEX Optimisation has secured more than 100 clients for its collateral management service, triResolve Margin
Eurex introduces fresh fixed income hedging tools
16 November 2017 | Frankfurt | Reporter: Drew Nicol
The Deutsche Boerse Group noted significant end-user demand for European-listed fixed income ETF options, with institutional investors in Europe ready to migrate from US-listed options once the options are listed
LCH migrates to new Swiss reference rate
18 October 2017 | Zurich | Reporter: Jenna Lomax
Basler Kantonalbank, Credit Suisse and Zürcher Kantonalbank are due to be among the first financial services to clear using the new rate from December 2017
Tradeweb launches first electronic swaption trade on TW SEF
17 October 2017 | New York | Reporter: Jenna Lomax
The trade, which was executed by asset management firm, Garda Capital, and processed through MarketWire, officially marked the launch of swaptions trading on the TW SEF
Eurex Clearing launches partnership programme
09 October 2017 | Frankfurt | Reporter: Theo Andrew
The programme plans to build a “balanced ecosystem”, responsible for aligning responsibilities and benefits related to economics and governance, bringing “greater choice and transparency” to the market