Societe Generale-owned broker-dealer Fimat has become a member of Borsa Italiana’s MTA (Mercato Telematico Azionario or Electronic Share Market) as part of its strategy of furthering its European offering to clients.
Fimat was the first remote GCM (General Clearing Member) on the Italian derivatives market, IDEM, back in 1999, and after indirectly broking securities for a number of years, is now extending its presence in Italy by becoming a member of the stock exchange.
Fimat’s membership means clients can now access the Italian market by voice execution and DMA (Direct Market Access). Voice execution began on 1 December 2006 and a DMA service will follow soon.
“This is a key addition to European stock exchange memberships for Fimat,” says Nicolas Breteau, Managing Director of Fimat in Europe. “The stock markets have enjoyed steady growth over the last four years, the Borsa itself is expanding to accommodate this growth, and Fimat’s clients will benefit from the access we can provide them to this activity as we move forward,” he continues.
Borsa Italiana ranks third in Europe for the number of equity trades by electronic order book.
“Fimat has been a very valued client on the IDEM for many years now, and we are delighted that they are now coming on board to trade securities for their clients,” says Raffaele Jerusalmi, Executive Director of Italian Exchange Markets of Borsa Italiana.