BrokerTec Europe Acquires e-MID SIM in Bid to Grow Footprint in Italy

The acquisition was approved by the Bank of Italy, helping BrokerTEC strengthen its market penetration domestically.

BrokerTec has acquired a majority stake in e-MID SIM SpA (e-MID), an Italian electronic central limit order book (CLOB) platform catering to interbank deposits and Overnight Indexed Swaps (OIS).

The acquisition follows on the heels of an approval from the Bank of Italy, helping BrokerTEC strengthen its market penetration in the country whilst maintaining a growing footprint in the important Italian debt and money markets.

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Following the acquisition, e-MID will act as a subsidiary of BrokerTec Europe Ltd – the group will offer its Italian Government Bond Repo and interbank deposit businesses to BrokerTec’s wide range of international clients. Furthermore, BrokerTec will also be integrating e-MID technology into its existing technology infrastructure, facilitating an offering of additional eurozone Repo and Government Bond products.

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The acquisition will not result in a widespread shakeup of management, as Giuseppe Attana is slated to remain as Chairman of the e-MID Board, while John Edwards, Richard Leighton and Lorenzo Ruffatti will all be joining e-MID’s Board to represent BrokerTec and the broader NEX Group.

According to Seth Johnson, Chief Executive Officer of EBS BrokerTec, in a statement on the acquisition: “This acquisition is an important strategic step for BrokerTec. e-MID is the leading provider for the Italian interbank deposit and money markets which are the largest in Europe.”

“We are committed to growing our footprint in this central market and to contributing to its development and evolution. e-MID brings access to the domestic financial community in Italy and we will work closely with the management team to develop existing products and services, as well as to offer EBS BrokerTec products to the current client base,” he added.

EBS BrokerTec made headlines earlier this week after it unveiled a new internalized structure for its electronic foreign exchange (FX) operations, focusing on a total of seven new core areas. Its new operational regime will be taking effect immediately, emphasizing products, sales, emerging markets (EM), forwards, liquidity management, trading execution, and prime and credit management.

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