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| WHAT IS THE NEW MIC |
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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 |