MTS launches new unsecured money market trading platform

The electronic fixed income division of the London Stock Exchange Group has launched a new trading platform for European unsecured money market trading denominated in euros.

MTS Depo is available to all users of MTS Repo and can be accessed by dealers in Eurozone countries. It allows participants to negotiate short-term borrowing and lending with highly flexible trade terms ranging from overnight to one year.

It provides multiple trading protocols including a central limit order book and bilateral trading functionalities. An overnight transaction has already taken place between two Italian banks.

“MTS’s Repo markets have gone from strength to strength, with record volumes last year. However, our clients were keen to be able to deploy the same flexible technology solutions and gain efficiency in the unsecured money markets as well. There was a clear demand from both our clients and the broader market for the same approach, and we have responded,” said Fabrizio Testa, CEO of MTS Markets.

MTS Depo is currently onboarding new customers and expects to have a wide range of credit institutions connected by the end of the third quarter of 2020.