e-MID, an open electronic market with Italian roots but fully international by vocation, is the key to deal with ever changing money markets and to successfully manage treasury flows.
Its value has been confirmed by the ever growing number of counterparties and countries connected to the platform.
e-MID was launched as the Italian domestic market for interbank deposits denominated in Italian Lira.
e-MID was interfaced with BI-REL, the domestic Gross Settlement System and started offering automatic settlement.
The market was privatised and the managing company e-MID S.p.A. was created. All products were re-denominated in euros.
e-MID S.p.A. started its international expansion. The first EU countries joining
e-MID that year were Germany and the Netherlands.
e-MIDER (the Overnight Indexed Swaps Market) was launched.
e-MID expanded its trading functionalities by introducing new features like "large deal" pages with 100 million euros as minimum tradable amount.
e-MID S.p.A. extended its presence in Europe thanks to an ever increasing number of members from the main European financial centres.
The e-MID market expanded its product range to USD denominated deposits. Further technological and product developments were introduced in e-MIDER.
e-MID S.p.A. continued its international expansion and had members from 12 countries.
GB Sterling and Polish Zloty deposits were introduced next to the Euro and USD pages.
The market reached 18 countries.
e-MID became Official Ancillary System to TARGET2.
Automatic Settlement for interbank deposits is now available throughout the Euro zone. Overnight funds can be delivered across Europe in real time. e-MID helps EU counterparties to build a truly European market.
e-MID introduces different options to get in touch with market counterparties. Bi-lateral trading is empowered next to multi-contributors pages.
The platform connects over 200 members from 26 countries.
In cooperation with the Bank of Italy e-MID launches MIC - Collateralised Interbank Market with completely anonymous negotiations and collateral pledged in pool by each participant as guarantee.
MIC becomes the New MIC, a permanent market for collateralised deposits guaranteed by a CCP and open to international participants.
e-MID launches e-MID Repo, the market for buy-sell backs ready to trade also classic repos. The CCP is CC&G - London Stock Exchange Group, the same CCP as for the New MIC.