“BOAT,” a consortium of nine banks launched in September 2006 to address regulatory changes in the financial markets with respect to pre- and post-trade market data provisions, is pleased to announce that it has won Inside Market Data’s award for the ‘Most Innovative Market Data Project.’ The award ceremony was held in New York last week.
BOAT will provide data reporting facilities as required by the European Markets in Financial Instruments Directive ("MiFID"). Under the MiFID rules, all Over-The-Counter (OTC) equity transactions in the European Economic Area must be reported and published to the market.
Open to all market participants, BOAT will provide pre-trade quote transparency and post- trade reporting and publication for all OTC trades in equities admitted for trading on a recognised exchange. BOAT is the first single purpose market data platform for the management of trade reporting and it will use both automated and manual validation processes to ensure only the highest quality data is distributed.
Will Meldrum, Managing Director at Markit Group Limited, which acts as business partner to BOAT, said: “We are very pleased that the considerable effort that has gone into setting up the BOAT platform has been recognised and we look forward to providing the marketplace with a transparent and efficient trade reporting solution.”
Max Bowie, Editor, Inside Market Data, said: "We congratulate the Project BOAT consortium of banks on winning the Inside Market Data award for ‘Most Innovative Market Data Project.’ One of several new categories introduced to mark the fifth anniversary of the IMD Awards, this is designed to recognise outstanding innovation by user firms from the banking and buy-side communities. The judges praised BOAT for harnessing the power of leading yet competing firms to take full advantage of the new opportunities presented by MiFID in the market data space."
The platform will be ready for parallel running by September 2007, prior to the introduction of MiFID on 1 November 2007.
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