The New MIC is a collateralised section of the e-MID euro Interbank Deposit Market with maturities from TN to 1Y. The New MIC is based on the New MIC Guarantee System managed by CC&G.
Trades are performed in a completely anonymous form, with protection from counterparty credit risk. The guarantee is provided by means of:
- the collateral pledged by each member
- a mutual insurance scheme, consisting of 10% of the collateral pledged by each member
- the interposition of CC&G between the counterparties for each contract concluded
WHO CAN JOIN
EU and non EU banks can participate, with the limit of one member for each banking group. In particular:
- Banks who are already e-MID members
- Banks who can participate in the New MIC Guarantee System managed by CC&G.
- Banks who participate in the central custody service of Monte Titoli directly or through a single intermediary
- Banks having access to direct or indirect automatic settlementof contracts in Target2
Further requirements apply to non-EU banks.
New MIC Implementing Provisions
New MIC System of Caps
New MIC Technical Schedule