The MTS Group has launched its new Money Market Facility (MMF). The platform, which replaces the former PCT Repo Market, has been introduced on TradeImpact technology.
This development marks the first phase of the technological overhaul of MTS’s trading system. MTS is aiming to expand its share of Europe’s repo market. TradeImpact is designed to address the mounting capacity requirements of MTS’s inter-dealer markets.
Gianluca Garbi, chairman of the Management Board of MTS S.p.A., said “Through the new technology, we have launched a money market platform that meets the requirements of repo traders throughout Europe and accommodates all the contractual and settlement conventions of the modern repo market. The versatility of the system speaks for itself.”
New features of the MMF application include a Request for Quote (RFQ) facility, broken date maturities and integrated order books for classic and buy sell-back repos. During the forthcoming months the system will support optional Internet connectivity, while new releases will allow the introduction of other short-term money market instruments.
Simon Timms, head of European and Asian Repo at UBS, said: “As one of the key players in the MTS repo market, we are impressed with the enhanced functionality of MTS’s Money Market Facility. One of the principal benefits is the adaptability of the system. It is clear that MTS embarked on a detailed consultation process during the development phase and this has clearly paid dividends.”