e-MID Selects Technology Provider List to Deliver its New Global Electronic Trading Platform for Money Markets
e-MID SIM S.p.A., the company managing the electronic market for interbank deposits and Overnight Indexed Swaps, has signed a five-year contract with technology provider, List, to create and manage its new electronic trading platform servicing 258 member banks in 26 countries worldwide (including 23 central banks).
List will manage technological services providing access to the market and to the pre-settlement system. British Telecom will provide facility management and the underlying network layer and connectivity to market members will be delivered via Radianz-net, the IP network of BT Global Financial Services. The migration to the new platform for the entire e-MID community is scheduled for completion in the second half of 2009.
The agreement will provide e-MID with a more flexible market platform that is able to meet the evolving requirements of money market managers. It will enable e-MID to quickly and easily introduce new functionalities, financial instruments and market models, which are key to maintain leadership in a rapidly changing market environment.
The new architecture pays particular attention to all aspects of business continuity. A secondary site, in Frankfurt, will support the site in Milan, guaranteeing that service levels will be fully maintained in the case of disaster recovery activation.
e-MID and List partnership is also set to extend to a joint commercial offer of additional services to the widest base of market participants.
“I am delighted with our choice in partner that has come as a result of a comprehensive due diligence process by an independent advisor,” comments Professor Francesco Cesarini, e-MID’s Chairman. “We were looking for a technology partner sharing not only the fundamental objectives of market security and stability, but also commitment to deliver over the medium to long term an innovative and functionally-rich electronic exchange that meets the evolving needs of our global trading community. List’s approach, working closely with banks and regulators, mirrors our activities since the creation of e-MID.”
Enrico Dameri, List’s President, adds: "With e-MID we are producing an innovative solution using technology to ensure market efficiency and security. With its experience working with central banks and tier-one investment banks globally, List is able to provide e-MID with a state-of-the-art exchange platform, combining liquidity and performance with transparency and compliance This agreement represents a strong signal of confidence in the role of technology in delivering greater stability and control for member banks worldwide.”