22 August 2017
Find out more

Banks to sell stakes in Boat venture to Markit - report

21 January 2008  |  6447 views  |  0 Financial numbers

The City investment banks that set up the MiFID-compliant trade reporting system Boat are selling their stakes in the venture to Markit, the market data vendor that manages the platform, according to press reports.

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.

According to a Reuters report, which cites "people familiar with the matter", the banks are looking to spin-off Boat "to make the platform more independent".

The sources did not disclose the value of the stake, says the report.

A spokeswoman at Markit declined to comment and respond to Finextra's questions on the speculation.

The Boat system - which collects, validates, stores, manages and distributes European equity quote and trade report data - by-passes those operated by the LSE and other European exchanges. Cinnober provided the technology for the platform and provides hosting and operational services while Markit manages nearly all the business operations for member banks.

Markit's Web site states that more than 22 investment houses now use Boat - which was launched last November - to meet over the counter equity reporting obligations required by MiFID.

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

Markit to buy SwapsWire

Markit to buy SwapsWire

04 December 2007  |  17710 views  |  0 comments
Boat gears up for November launch; Turquoise board appointed

Boat gears up for November launch; Turquoise board appointed

21 August 2007  |  10661 views  |  0 comments
Investment bank consortia sift through technology options

Investment bank consortia sift through technology options

22 January 2007  |  13251 views  |  0 comments

Related company news

download the paper nowvisit www.niceactimize.comvisit www.vasco.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11889 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10302 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9909 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9622 views comments | 10 tweets | 8 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9595 views comments | 19 tweets | 23 linkedin

Featured job

Find your next job