BOAT Attracts New Clients
London - BOAT, a consortium of banks launched to address regulatory changes in the
financial markets with respect to pre- and post-trade market data provision, today announced
that Barclays Capital, BNP Paribas, Dresdner Kleinwort, JPMorgan and Royal Bank
of Scotland have selected BOAT as their chosen solution for meeting the European Markets
in Financial Instruments Directive’s (“MiFID”) pre- and post-trade reporting obligations.
Will Meldrum, Managing Director and Head of BOAT at Markit, said: “We are delighted that
these key customers have chosen to use the BOAT platform in future for their post-trade
reporting. This will aid transparency and operational efficiency in the over-the-counter equity
markets.”
BOAT will provide market participants with the pre- and post-trade reporting facilities required
of investment firms as a result of MiFID which comes into force on 1 November 2007. Under
the MiFID rules, all over-the-counter (OTC) trades in equities in the European Economic Area
must be reported and published to the market. BOAT is open to all market participants.
Guillaume Lemarchand, Co-Head of Global Execution Services at BNP Paribas, said: “While
MiFID is universally seen as a positive initiative by banks that have a strong focus on
execution, compliance with reporting requirements commands heavy investment, especially in
terms of data. By teaming up with the consortium, we will minimise costs and be able to
invest more in tailored client-specific products and services.”
-Ends-
For further information, please contact:
Markit
Caroline Lumley
Associate, Corporate Communications
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.
For more information, see www.boat-project.com
About Markit Group Limited
Markit Group Limited (“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 80 dealing firms, and its services are
used by almost 1,000 institutions to enhance trading operations, reduce risk and manage
compliance. Markit is BOAT’s business partner.
For more information, see www.markit.com
