OTC trade reporting service BOAT has implemented the Market Model Typology (MMT) initiative to standardise post-trade equity data.
The latest release of its trade reporting platform uses the full MMT standards and is available for adoption by both vendors and clients.
BOAT had been on the verge of closing down after previous operator Markit said it was commercially unviable at the end of last year. However, in July the OTC reporting service was acquired by technology vendor Cinnober and has since prioritised the implementation of MMT.
Jamie Khurshid, CEO of BOAT Services, said, “Our engagement with the MMT Technical Committee and our ability to deliver the change, so soon after acquiring the business, demonstrates our commitment to improving the quality of both the data and the level of service for our customers.”
The MMT project was initiated by the Federation of European Securities Exchanges but is now overseen by FIX Trading Community. It aims to make post-trade data on equity transactions consistent and comparable across different sources and is aiming for wide adoption among exchanges, data vendors and reporting venues.
Simon Gallagher, Chair of the MMT Steering Committee, added, “As the concept is under continuous development, the more market actors that adopt MMT, the better the possibilities of realising the ultimate goal of improving trade data quality.”