The market was created in 1990 and privatised in 1999 through the foundation of
e-MID is currently the only multilateral platform for interbank deposits in Europe. Around 178 members from 29 countries connect to the market every day, including 30 viewers among Central Banks and Ministries of Finance.
In 2007 the Company changed its name into e-MID SIM S.p.A. and its legal entity into that of an investment company in compliance with Mifid, the European Directive for Financial Instruments. This passage was required in reference to e-MIDER, the first electronic market for Overnight Indexed Swap derivatives accessible on the same platform. e-MIDER is listed as a Multilateral Trading Facility (MTF) in the international register of the Committee of European Securities Regulators (CESR).
e-MID and e-MIDER are supervised by the Bank of Italy and CONSOB respectively.
The Interbank Deposit Market e-MID is also an official ancillary system to TARGET2, the gross payment system of the Euro zone. Market members can subscribe e-MID’s Automatic Settlement Service and benefit from automated real time settlement of trades.
With e-MID “intra-day liquidity” is no longer a concept but a tangible value.
At the beginning of 2009, in cooperation with the Bank of Italy, e-MID launched the Interbank Colla teralised Market (MIC) with the intent of reducing both counterparty and delivery risks. In October 2010 MIC became the New MIC, a permanent market for collateralised deposits guaranteed by a CCP and open to international participants.
In September 2011 e-MID launched e-MID Repo the market for buy-sell backs ready to trade also classic repos.