The global agreement, with the exception of Italy, will involve Reuters hosting the e-MIDER Overnight Index Swaps (OIS) trading system and the e-MID deposits trading systems on its Reuters Dealing 3000 platform. This will provide customers with access to both Dealing 3000 services and the e-MID market place from a single screen and keyboard.
Reuters plans to make the e-MID and e-MIDER systems available on its Reuters Dealing 3000 platform from September 2001.
e-MID provides one of the leading European electronic markets for cash and derivative short-term interest rate products, supplying multilateral, screen based trading for money market traders. By delivering e-MID and e-MIDER on Reuters Dealing 3000, e-MID will take advantage of Reuters money market expertise, global reach and peer-to-peer trading capabilities to further its strategy of product innovation and distribution on a global level.
The alliance with e-MID is part of Reuters strategy to deliver a full service trading platform to money market traders - from peer-to-peer trading and matching supported by straight through processing. This agreement follows Reuters move to service the OIS market with the recently announced Dealing for Swaps enhancement to Dealing 3000, which Reuters plans to start beta testing with customers in September 2001.
Professor Francesco Cesarini, Chairman of UniCredito Bank and President of e MID, said: "We are extremely pleased to be working with Reuters who we consider to be the leader in money market products. We believe Reuters Dealing 3000 is an excellent fit to e-MID and e-MIDER both from a technological and marketing perspective. Reuters established name and commercial penetration now provides us with the best partner to reach an even wider global audience. It will also allow us to fully seize the opportunities provided by the current trend towards screen based multilateral matching for standardised, plain vanilla money market products."
Mark Robson, Director of Business Development, Reuters Money Transaction Solutions, said: "The relationship between Reuters and e-MID is based on a shared vision of how best to serve our customers and their future needs as the European money markets evolve. We want to offer our dealing customers a full suite of trading instruments to enable them to optimise their performance and simplify their workflow. e-MID has a good track record for serving the traditional deposits market in Europe and, with its OIS matching service, complements our own existing Dealing 3000 Direct service."