Today all the e-MID members settle euro deposits on Target2, the new European Payment System.
The last countries to migrate on the single European payment platform have been Greece, Denmark, Poland, Estonia and Italy. In the latter, e-MID counts 108 banks out of the 250 total members.
"We are quite satisfied - says Vincenzo Mioccio, C.E.O. of e-MID the company that manages the electronic Market for Interbank Deposits. - Our market had already been connected to TARGET2 since last 19th November, when Germany and other countries had first migrated, but it is today that we can show the potential of the link between TARGET2 and e-MID. In Italy, in fact, we are a reference not only for negotiating deposits but also for their automatic settlement. This afternoon, at 16:00 CET, over 200 deals were successfully settled thanks to the automatic interface between e-MID and TARGET2, that is to say without the manual intervention of the counterparties".
e-MID now aims at expanding the benefits of automatic settlement throughout Europe. For the banks joining this service trading together will generate real time crediting/debiting of their own accounts. No difference will any longer be placed among domestic or cross border deals.
Through the automatic settlement on TARGET2, e-MID makes the interbank money market even more European and pursues its main objective: widespread and quick liquidity circulation throughout Europe.