The Italian Ministry of Finance gets access to e-MID Interbank Deposit Market

Milan - 28 July 2008

With a Ministry Decree dated 15th July 2008, the Italian Ministry of Finance joins e-MID as a Viewer of the Interbank Deposit Market. The Interbank Deposit Market was established as “MID” in 1990 as the result of the joint initiative of the Bank of Italy and the Italian banking community, which shared the common aim of making more efficient the circulation of liquidity and more direct the transmission of monetary policy’s in-puts.

The market was privatised in 1999 through the foundation of the company e-MID S.p.A., participated by Italian and non-Italian banks. Last year the Company has transformed its legal entity in that of an investment company, to be compliant with Mifid, the European Directive for Financial Instruments. This passage was required by e-MIDER, the electronic market for Overnight Indexed Swap derivatives accessible on the same platform of e-MID and recently listed as a Multilateral Trading Facility (MTF) in the international register of the Committee of European Securities Regulators (CESR).

e-MID is currently the only electronic multilateral platform for interbank deposits in Europe and in USA, where around 250 members from 20 countries trade every day. The Ministry of Finance is now part of the group of the e-MID Viewers, which includes the European Central Bank and other 16 National Central Banks. Maria Cannata, Director General – Public Debt Management, Department of Treasury from Rome states: “Being constantly up-to-date and informed on short term rates as well as on the monetary deposit market in the Euro zone is an ever increasing demand at the Department of Treasury, which is in the front line in the monitoring and management of the State’s liquidity”.

“e-MID is honoured to be able to offer an important informative service to the Italian Ministry of Finance – points out Vincenzo Mioccio, C.E.O. of e-MID SIM Spa. - In a financial scenario still marked by the prolonged international crisis, the institutional dialogue among Central Banks, credit institutes and politic Authorities is more and more based on the direct access to financial information sources, and the monetary market is at the core of the financial stability”.

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