Swedish trading technology vendor Cinnober has bought the Boat trade reporting service from Markit. Financial terms of the deal were not disclosed.
Boat is a MiFID-compliant trade reporting platform that is used by more than 40 MTFs and investment firms to meet their pre-trade quoting and post-trade reporting obligations for all their European OTC cash equity trades.
Markit had planned to shut down the service, which it acquired from a consortium of banks in 2007. But Cinnober, which has provided the core technology and operated the platform since its inception, thinks that there is still strong demand for an independent trade reporting service.
Veronica Augustsson, CEO, Cinnober, says: "The Boat platform has huge potential for further development and the demand for a continued service and a broader offering is very high according to discussions we've had with customers."
Cinnober has already taken full control of Boat, and, says its new CEO Jamie Khurshid: "The transition in ownership will have no effect on current operations for customers and we will offer cost-effective and independent services."