Electronic broker-dealer Liquidnet Europe has signed up to use the Markit Boat MiFID-compliant trade reporting platform.
Markit says Liquidnet Europe has chosen Markit Boat as its "preferred trade reporting platform" and will use the system to report all the trades in European equities it executes from 5 May.
Markit Boat was originally established by a group of investment banks to meet the trade data reporting and OTC pre-trade price transparency requirements of the EU's Markets in Financial Instruments Directive (MiFID). The system enables market participants to publish pre-trade quotes and report OTC trades in equities in compliance with MiFID. The platform was acquired by UK market data vendor Markit in January this year.
John Barker, MD at Liquidnet Europe, says Markit Boat has a "robust technology infrastructure and an attractive commercial model".
"Markit Boat was built to bring a cheaper and more efficient service to the industry. It therefore made sense from both an operational and business perspective to use Markit Boat's trade reporting service," he adds.