BOAT Wins Inside Market Data Award
London, 11 May 2007 - "BOAT," a consortium of nine banks launched in September 2006 to address regulatory changes in the financial markets with respect to pre- and post-trade market data provisions, is pleased to announce that it has won Inside Market Data's award for the 'Most Innovative Market Data Project.' The award ceremony was held in New York last week.
BOAT will provide data reporting facilities as required by the European Markets in Financial Instruments Directive ("MiFID"). Under the MiFID rules, all Over-The-Counter (OTC) equity transactions in the European Economic Area must be reported and published to the market.
Open to all market participants, BOAT will provide pre-trade quote transparency and post- trade reporting and publication for all OTC trades in equities admitted for trading on a recognised exchange. BOAT is the first single purpose market data platform for the management of trade reporting and it will use both automated and manual validation processes to ensure only the highest quality data is distributed.
Will Meldrum, Managing Director at Markit Group Limited, which acts as business partner to BOAT, said: "We are very pleased that the considerable effort that has gone into setting up the BOAT platform has been recognised and we look forward to providing the marketplace with a transparent and efficient trade reporting solution."
Max Bowie, Editor, Inside Market Data, said: "We congratulate the Project BOAT consortium of banks on winning the Inside Market Data award for 'Most Innovative Market Data Project.' One of several new categories introduced to mark the fifth anniversary of the IMD Awards, this is designed to recognise outstanding innovation by user firms from the banking and buy-side communities. The judges praised BOAT for harnessing the power of leading yet competing firms to take full advantage of the new opportunities presented by MiFID in the market data space."
The platform will be ready for parallel running by September 2007, prior to the introduction of MiFID on 1 November 2007.
For further information, please contact:
Caroline Lumley
Associate, Corporate Communications
Markit
Email: caroline.lumley@markit.com
Telephone: +44 20 7260 2047
About BOAT
BOAT is a consortium of nine leading investment banks (ABN AMRO, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley, and UBS) that was launched in September 2006 in order to create a central platform for the collection, collation, validation, storage and distribution of pre- and post-trade information as required by investment firms operating off-exchange as allowed under MiFID.
About Markit
Markit is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial markets. The company receives daily data contributions from over 75 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance.
If you are interested in subscribing to BOAT email us at BOATSales@markit.com.
