BrokerTec completes acquisition of Italian bond platform

NEX Group’s fixed income business expands footprint in Italian debt and money markets.

NEX Group’s BrokerTec has completed its acquisition of Italian central limit order book (CLOB) platform, e-MID, following approval from the Bank of Italy.

The acquisition will see e-MID technology integrated into the BrokerTec business and allow its clients to trade Italian government bond repo.

John Edwards, managing director at BrokerTec Europe, will manage the integration project and daily operations.

BrokerTec said the transaction signals the firm’s strong European footprint in the Italian debt and money markets, and bringing it into competition with the London Stock Exchange Group’s Italian bond platform, MTS.

NEX Group’s fixed income business also plans to establish a money market offering for Italian corporates by connecting e-MID with EBS Treasury, its money market fund platform for corporates.

Edwards explained the acquisition will allow BrokerTec to secure better access to the “most active sovereign bond market in Europe.”

Seth Johnson, CEO at EBS BrokerTec, added: “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.”

Speaking to The TRADE in February about the e-MID acquisition, Johnson said he is hopeful the deal will “enable us to become a central part of the Italian banking network and that will improve our chances of getting that recognition.

“The purchase of a platform that has a network of all the Italian banks connected to it, will definitely give us options in terms of offering our services to a variety of clients in that space.”