Markit BOAT’s independence from a trading venue played a part in Liquidnet choosing it as its trade reporting platform, according to John Barker, managing director of Liquidnet Europe.
Since 5 May, Liquidnet Europe has been reporting all its European equity trades through Markit BOAT. It has become the third multilateral trading facility (MTF) to join the platform since its launch on 1 November 2007.
Speaking to thetradenews.com, Barker said: “We looked at what the market offered in terms of printing and trade reporting, and Markit BOAT stood out. It’s independent, well-respected and trade reporting is one of its core functions.”
Another reason for using Markit BOAT was cost. The platform offers rebates on initial fees for printing executions there. Barker highlighted the fact that since BOAT entered the market, The London Stock Exchange (LSE) has lowered charges for a cross report to 6p from a high of £2.75 just to keep up.
Barker also explained that LSE’s trade reporting service did not fit Liquidnet Europe’s needs. “The LSE has a very rigid structure and approach to how they work, which can present difficulties,” he says. “Their trade reporting service—compared with the likes of Markit BOAT—is less customisable and more restricted, particularly when it comes to reporting trades that occur in different currencies.”