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BrokerTec Europe completes e-MID SIM SpA acquisition

First Published 31st March 2017

Transaction offers BrokerTec Europe a footprint in the Italian debt and money markets.

Seth Johnson, EBS BrokerTec

Seth Johnson, EBS BrokerTec

BrokerTec, NEX Group's electronic fixed income trading platform, has announced that following Bank of Italy approval it has completed the transaction to acquire a majority stake in e-MID SIM SpA (e-MID), the first Italian electronic central limit order book (CLOB) platform for interbank deposits and Overnight Indexed Swaps (OIS). The transaction offers BrokerTec Europe a footprint in the Italian debt and money markets.

As a subsidiary of BrokerTec Europe Ltd, e-MID will offer its Italian Government Bond Repo and interbank deposit businesses to BrokerTec's international client base while BrokerTec will integrate the e-MID technology, provided by List SpA, into its technology architecture. BrokerTec will also offer e-MID additional Euro zone Repo and Government Bond products.

Giuseppe Attana will remain as Chairman of the e-MID Board and John Edwards, Richard Leighton and Lorenzo Ruffatti will join e-MID's Board to represent BrokerTec and the broader NEX Group.

Seth Johnson, Chief Executive Officer, EBS BrokerTec, said: "This acquisition is an important strategic step for BrokerTec. e-MID is the leading provider for the Italian interbank deposit and money markets which are the largest in Europe. We are committed to growing our footprint in this central market and to contributing to its development and evolution. e-MID brings access to the domestic financial community in Italy."

BrokerTec plans to establish a money market offering for Italian corporates by connecting e-MID with EBS Treasury, its money market fund (MMF) platform for the corporate community. It is also expected that there will be other areas of opportunity for e-MID to work with the wider portfolio of NEX Group businesses.