The new release adopts the full MMT standards for OTC cash equity trade reporting, providing a standardized way of sharing post-trade data. The model is available for immediate adoption and can be used by vendors and clients. The initiative is a collaboration by a broad range of industry participants, and is supported by FIX.

"One of our first priorities was to add MMT functionality in order to strengthen the quality of our offering," says Jamie Khurshid, CEO of BOAT Services. "We welcome this much-needed standard. Our engagement with the MMT Technical Committee and our ability to deliver the change, so soon after acquiring the business, demonstrates our commitment to improving the quality of both the data and the level of service for our customers."

BOAT is the only independent European MiFID-compliant reporting platform. The organizations reporting OTC trades include more investment firms than for any other platform. The service is also the only Trade Data Monitor (TDM) recognized by both the Financial Conduct Authority (FCA) and the SIX Swiss Exchange.

"Moving MMT into the FIX Protocol family of standards has enabled it to become more widely recognized and adopted", says Simon Gallagher, Chair of the MMT Steering Committee. "As the concept is under continuous development, the more market actors that adopt MMT, the better the possibilities of realizing the ultimate goal of improving trade data quality. We are delighted that BOAT has enabled MMT reporting and we look forward to working closely with them and other actors going forward."

In July the BOAT European trade reporting service was acquired by Swedish technology supplier Cinnober Financial Technology. At the same time, the company announced its ambition to begin widening the scope of its existing services using the world-class Cinnober product portfolio to become the leading European platform for compliance, surveillance and regulatory reporting.

"Our long-term strategy includes further capitalizing on the credibility that BOAT Services has built up with banks and brokers over the years," says Veronica Augustsson, CEO of Cinnober. "BOAT has a strong offering and is able to address the complex demands of our customers. Our platform underpins their operations in a flexible and scalable manner."

BOAT was founded in 2006 by a consortium of banks in order to create a neutral reporting hub in conjunction with the introduction of MiFID and other market regulations. Its technical solution, which is based on Cinnober's TRADExpress technology, has been in operation without interruption since 2007.

Cinnober has established a world-leading position within financial technology for marketplaces and clearinghouses. Given its proven technology offering and the current regulatory climate, the company's customer profile has evolved naturally to include banks and brokers. The acquisition of BOAT Trade Reporting was a major strategic step in this long-term endeavor.