Boat to support industry with MiFID II transparency solution

Complexity of Europe’s new trading transparency regime addressed by new offering 

Boat Services Ltd, independent OTC trade reporting service provider, has announced that it will apply for approved publication arrangement (APA) authorization under MiFID II.

This means that Boat will offer publication services for all MiFID II instrument classes, including bonds, structured finance products, derivatives and emission allowances. As banks and brokers experience the headaches and cost burdens of staying compliant with MiFID II, Boat’s intention is to offer a comprehensive and continuously updated solution.

“Firms are searching for sustainable solutions that keep up with the pace of regulatory change. Boat will continue to offer clients a safe harbor once MiFID II takes effect, with easily accessible and reliable services in a complex regulatory landscape.” says Alastair Goodwin, newly appointed Head of Business Development at Boat Services.

Boat is the only exchange-independent trade data monitor (TDM), and the only one recognized by both the Financial Conduct Authority (FCA) and SIX Swiss Exchange. It enables SIs, MTFs and investment firms to meet their pre-trade quoting and post-trade reporting obligations for all their European OTC cash equity trades. Boat has more investment firms reporting to it than any other platform.

Cinnober has provided Boat’s core technology ever since its inception seven years ago. Being part of Cinnober strengthens Boat’s offering, since it can now offer more advanced services based on Cinnober’s innovative product portfolio.

“Boat’s primary purpose of ensuring regulatory compliance is as relevant as ever as MiFID II and MiFIR implementation advances,” says Jamie Khurshid, CEO of Boat Services. “Cinnober and Boat have a common strategy to extend the Boat offering into an ultramodern service utility. We are leveraging the competence, accessibility and world-class technology inherent in the Boat platform and Cinnober’s portfolio of financial IT systems.”

MiFID II will introduce a new regulated entity called an Approved Publication Arrangement (APA) to harmonize standards across Europe. This will replace the UK’s Trade Data Monitor construct. To achieve APA status, Boat will apply to the FCA in the UK when registration is available in 2016.

About Boat Services
Boat Services is a fully owned subsidiary of Cinnober Financial Technology. Boat is the only independent trade data monitor (TDM), enabling MTFs and investment firms to meet their pre-trade quoting and post-trade reporting obligations under MiFID, for all their European OTC cash equity trades. Boat collects, collates, validates and stores OTC trade data and publishes it to the market in real time. Boat was originally launched in 2007 by a consortium of banks in order to create a neutral hub in conjunction with the introduction of MiFID. Its technical solution, based on Cinnober TRADExpress, has been in operation since inception. Boat was sold by the bank consortium to Markit in 2007 and in July 2014 Cinnober Financial Technology announced the acquisition of Boat Trade Reporting service from Markit. For additional information: www.cinnober.com/boat-trade-reporting

About Cinnober Financial Technology
Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance. Cinnober’s customers include Australian Securities Exchange, BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, Eurex, Johannesburg Stock Exchange, London Metal Exchange, LME Clear, Quadriserv, ICE Liffe and Stock Exchange of Thailand. Cinnober is listed on First North in Stockholm, with Avanza as Certified Advisor. For additional information, please visit www.cinnober.com

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