BOAT, a consortium of banks launched to address regulatory changes in the financial markets with respect to pre- and post-trade market data provision, today announced that Barclays Capital, BNP Paribas, Dresdner Kleinwort, JPMorgan and Royal Bank of Scotland have selected BOAT as their chosen solution for meeting the European Markets in Financial Instruments Directive’s (“MiFID”) pre- and post-trade reporting obligations.
Will Meldrum, Managing Director and Head of BOAT at Markit, said: “We are delighted that these key customers have chosen to use the BOAT platform in future for their post-trade reporting. This will aid transparency and operational efficiency in the over-the-counter equity markets.”
BOAT will provide market participants with the pre- and post-trade reporting facilities required of investment firms as a result of MiFID which comes into force on 1 November 2007. Under the MiFID rules, all over-the-counter (OTC) trades in equities in the European Economic Area must be reported and published to the market. BOAT is open to all market participants.
Guillaume Lemarchand, Co-Head of Global Execution Services at BNP Paribas, said: “While MiFID is universally seen as a positive initiative by banks that have a strong focus on execution, compliance with reporting requirements commands heavy investment, especially in terms of data. By teaming up with the consortium, we will minimise costs and be able to invest more in tailored client-specific products and services.”
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