Italian bank-backed interbank deposit and swaps mart e-MID has contracted with local software house List and BT Radianz to provide the backbone for its new electronic money market platform, servicing 258 member banks in 26 countries worldwide
Under the agreement, List will manage technological services providing access to the market and to the pre-settlement system. British Telecom will provide facility management and the underlying network layer and connectivity to market members will be delivered via Radianz-net. The migration to the new platform for the entire e-MID community is scheduled for completion in the second half of 2009.
The upgraded service is designed to meet evolving money market requirements for new functionalities, financial instruments and market models. It will also feature improved disaster recovery facilities through the creation of a secondary site in Frankfurt in support of the primary data centre in Milan.
Francesco Cesarini, e-MID's Chairman, says that List was chosen to handle the build following a comprehensive due diligence process by an independent adviser: "We were looking for a technology partner sharing not only the fundamental objectives of market security and stability, but also commitment to deliver over the medium to long term an innovative and functionally-rich electronic exchange that meets the evolving needs of our global trading community."