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.
âI am delighted with our choice in partner that has come as a result of a comprehensive due diligence process by an independent advisor,â comments Professor Francesco Cesarini, e-MIDâs Chairman. âWe 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. Listâs approach, working closely with banks and regulators, mirrors our activities since the creation of e-MID.â
Enrico Dameri, Listâs 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.â