Markit BOAT, a trade reporting and market data facility for European over-the-counter (OTC) equity trades, will lower the fee for its pan-European data feed to €40 a month from €120 from 1 January 2010.
The price cut follows a new fee structure introduced in May this year, which allowed users to only receive data for specific countries or regions at a discounted rate rather than paying for a full pan-European licence.
The fees for the regional packages range from €10 to €40 per user per month. The nine regional licences are Austria, eastern Europe, Euronext, Germany, Italy, Scandinavia, Spain, Switzerland and UK.
Also in May, the firm introduced a sliding-scale discount for its pan-European data feed based on the number of registered users. A firm with only one registered user would attract the full €120-a-month fee, while companies with more than 101 users would only pay €60 a month.
Markit BOAT’s data includes OTC post-trade reports as well as quotes from systematic internalisers – typically brokers offering internal crossing on a systematic basis. Under MiFID, a company trading as a systematic internaliser must publish pre-trade quotations for orders in liquid shares below a standard market size.
BOAT was created by a consortium of nine investment banks to take advantage of MiFID’s provision for trade reporting away from a country’s primary exchange. The founders subsequently sold the company to market data firm Markit.