Suddenly every large European bond issuer wants to be a part of
EuroMTS, the euro government bond trading platform developed by
MTS, the Italian exchange. It has attracted some 25% of European
government bond trading volumes and now large European
non-government borrowers are furiously lobbying it to admit their
bonds on the system as well.
But rather than simply open the existing system to them, EuroMTS
has set up a separate platform for credit products, to be called
EurocreditMTS. "We decided that rather than simply incorporate
non-government bonds into EuroMTS on an ad-hoc basis, it would be
easier to set up a dedicated division," explains Robert Walton,
manager at EuroMTS. "One immediate advantage of doing this is that
it allows us to vary the eligibility criteria from those in force
for the EuroMTS government system."
Last month EuroMTS published its eagerly-awaited eligibility
criteria for EurocreditMTS. They seem tailor-made for Pfandbriefe:
bonds...
