10 February 2016

Markit buys Boat

22 January 2008  |  11369 views  |  0 handshake

UK market data vendor Markit has confirmed that it has acquired the Boat MiFID-compliant trade reporting platform from the consortium of nine investment banks that launched the system in September 2006. Financial terms of the deal have not been disclosed.

Reports surfaced yesterday that the banks involved in setting up the Boat platform were selling their stakes to Markit.

The Boat platform was established by ABN Amro, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS for the collection and sale of trading data following the introduction of EU's Markets in Financial Instruments Directive (MiFID) in November.

The system enables market participants to publish pre-trade quotes and report OTC trades in equities in compliance with MiFID. Boat collects and validates this information before disseminating it to the market via ten market data vendors.

Markit says 24 investment banks are now using the platform to report over-the-counter (OTC) trades in equities. Trades reported on the platform now account for approximately 25% of the entire European equity markets, says the vendor.

Commenting on the acquisition, Will Meldrum, MD and head of Boat at Markit, says: "Boat is already changing the way market participants make investment decisions in the European OTC equity markets. We look forward to launching second-generation products in the coming months to enhance our clients' trading and investment operations."

Going forward Boat will be known as Markit Boat.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

21 January, 2008
04 December, 2007
14 November, 2007
17 October, 2007
07 June, 2007
22 January, 2007
19 September, 2006
04 September, 2006

Related company news


Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
12317 views comments | 52 tweets | 45 linkedin
UK sets out open banking API framework
12185 views comments | 87 tweets | 81 linkedin
Visa opens up to developers
9113 views comments | 24 tweets | 41 linkedin
European mobile banking service Pocopay go...
7654 views comments | 24 tweets | 14 linkedin
How to accelerate your fintech startup
6652 views comments | 30 tweets | 9 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job