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For the moment, all customers of the European Trade Data Monitor (TDM) platform BOAT are sticking with the service, following Cinnober Financial Technology’s purchase of BOAT from financial information services provider Markit last month.
BOAT is an independent TDM that provides post-trade reporting to over 40 investment firms and Multilateral Trading Facilities (MTF), according to the release.
BOAT began its existence as service compliant with the Markets in Financial Instruments Directive (MiFID) requirements. It was created by a consortium of banks in 2006 and has been based on Cinnober TRADExpress technology since its inception, according to officials.
“It’s been truly encouraging to meet BOAT’s existing and potential new customers,” says Jamie Khurshid, CEO of BOAT Services, in a written statement. “The need is clearly there for a service which is independent from marketplaces. Our customers want their OTC [over-the-counter] trading activity to remain free from conflicts of interest, and they are also pleased with the commitment we have made to the MMT technical committee to adopt the agreed standards for improving data quality and granularity.”
Need a Reprint?- Read More:
- BOAT,
- Cinnober Financial Technology,
- European,
- MTF,
- Markit,
- MiFID,
- TDM,
- TRADExpress
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