Italian Interbank Market Provider Signs Five-Year Technology Deal

Rachel Walsh

31 October 2008

e-MID SIM, the Italian company that manages the electronic market for interbank deposits and swaps, has signed a five-year contract with technology provider List, which is also based in Italy, to create and manage its new electronic trading platform. The platform services 258 member banks in 26 countries.

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 to market members will be delivered via BT’s global IP network. The relocation to the new platform is scheduled for the second half of 2009.

The agreement will provide e-MID with a more flexible market platform that is able to meet the changing needs of money market managers. It will enable e-MID to quickly introduce new product features, financial instruments and market models.

The new structure is tailored 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 will also make a joint offer of additional services to the widest base of market participants.