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Todd A Swearingen
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Boat to support industry with MiFID II transparency solution

Complexity of Europe’s new trading transparency regime addressed by new offering 

Boat Services Ltd, independent OTC trade reporting service provider, has announced that it will apply for approved publication arrangement (APA) authorization under MiFID II.

This means that Boat will offer publication services for all MiFID II instrument classes, including bonds, structured finance products, derivatives and emission allowances. As banks and brokers experience the headaches and cost burdens of staying compliant with MiFID II, Boat’s intention is to offer a comprehensive and continuously updated solution.

“Firms are searching for sustainable solutions that keep up with the pace of regulatory change. Boat will continue to offer clients a safe harbor once MiFID II takes effect, with easily accessible and reliable services in a complex regulatory landscape.” says Alastair Goodwin, newly appointed Head of Business Development at Boat Services.

Boat is the only exchange-independent trade data monitor (TDM), and the only one recognized by both the Financial Conduct Authority (FCA) and SIX Swiss Exchange. It enables SIs, MTFs and investment firms to meet their pre-trade quoting and post-trade reporting obligations for all their European OTC cash equity trades. Boat has more investment firms reporting to it than any other platform.

Cinnober has provided Boat’s core technology ever since its inception seven years ago. Being part of Cinnober strengthens Boat’s offering, since it can now offer more advanced services based on Cinnober’s innovative product portfolio.

“Boat’s primary purpose of ensuring regulatory compliance is as relevant as ever as MiFID II and MiFIR implementation advances,” says Jamie Khurshid, CEO of Boat Services. “Cinnober and Boat have a common strategy to extend the Boat offering into an ultramodern service utility. We are leveraging the competence, accessibility and world-class technology inherent in the Boat platform and Cinnober’s portfolio of financial IT systems.”

MiFID II will introduce a new regulated entity called an Approved Publication Arrangement (APA) to harmonize standards across Europe. This will replace the UK’s Trade Data Monitor construct. To achieve APA status, Boat will apply to the FCA in the UK when registration is available in 2016.