31 July 2016
Find out more

Markit buys Boat

22 January 2008  |  11590 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)

Finextra news in your inbox

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

Related stories

Banks to sell stakes in Boat venture to Markit - report

Banks to sell stakes in Boat venture to Markit - report

21 January 2008  |  6075 views  |  0 comments
Markit to buy SwapsWire

Markit to buy SwapsWire

04 December 2007  |  16678 views  |  0 comments
Markit buys IIC; to acquire CDS IndexCo

Markit buys IIC; to acquire CDS IndexCo

14 November 2007  |  10257 views  |  0 comments
Top banks sign for Boat trade reporting platform

Top banks sign for Boat trade reporting platform

07 June 2007  |  12304 views  |  0 comments
Investment bank consortia sift through technology options

Investment bank consortia sift through technology options

22 January 2007  |  12949 views  |  0 comments
Investment banks to establish pan-European trade reporting system

Investment banks to establish pan-European trade reporting system

19 September 2006  |  8113 views  |  0 comments
Markit buys MarketXS

Markit buys MarketXS

04 September 2006  |  6772 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euVisit VocaLink.comFind out more

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
8559 views comments | 38 tweets | 56 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7209 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6916 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyWhat is FinTech and where does it Live?
6060 views 0 | 14 tweets | 4 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job