Customers of the OTC trade reporting service BOAT have all moved to the system’s new owners Cinnober, the Swedish financial technology provider.
Cinnober acquired BOAT in July from Markit, reviving the service set to shut down by the end of the year.
BOAT’s clientele includes more than 40 investment firms and multilateral trading facilities (MTFs) among customers reporting their trades and quotes.
The service is the only Trade Data Monitor (TDM) recognised by both the Financial Conduct Authority (FCA) and SIX Swiss Exchange.
“The need is clearly there for a service which is independent from marketplaces,” said Jamie Khurshid, CEO of BOAT Services.
“Our customers want their OTC trading activity to remain free from conflicts of interest; they are also pleased with the commitment we have made to the MMT (Market Model Typology) technical committee to adopt the agreed standards for improving data quality and granularity.”
BOAT has been in operation since 2007 and has been based on Cinnober TRADExpress technology since its inception.
The platform offers MiFID-compliant pre-trade quoting and post-trade reporting for all European OTC cash equity trades for MTFs and investment firms.
Firms are facing additional reporting requirements under MiFID II revisions set to come into force in the new couple of years.
BOAT competes with BATS Chi-X Europe’s BXTR, the London Stock Exchange’s UnaVista and Deutsche Börse in the TDM space in Europe.
Earlier this week BATS reported its European trade reporting facility had hit a record market share of 58.8%.