LSEG and Boat Services to build MiFID II Trade Reporting solution

  • Heads of Terms signed to create MiFID II compliant, multi-asset reporting platform
  • Creates a one-stop-shop for MiFID II transaction reporting service

Boat Services Ltd and London Stock Exchange Group (LSEG) today announced the signing of Heads of Terms to build a MiFID II compliant trade reporting service. The new service will offer customers a single, multi-asset, pan-European reporting solution to help them meet their real-time MiFID II trade reporting obligations.

The new service will bring together London Stock Exchange plc and Boat Services’ existing MiFID compliant trade reporting services and will complement LSEG’s T+1 MiFID and EMIR transaction reporting services, offered through UnaVista. London Stock Exchange will apply for Authorised Publication Arrangement (APA) status to facilitate Systematic Internaliser and OTC reporting, replacing current Trade Data Monitor (TDM) status.

“We are delighted to be partnering with LSEG,” said Jamie Khurshid, CEO of Boat Services Ltd. “With our combined strengths and complementary services, the partnership offers a one-stop shop to help ease the ever increasing and complex regulatory burden. Reporting services have been at the core of Boat’s business since its inception, now in partnership with LSEG that remains the case. We look forward to expanding and continually enhancing our services, across new asset classes in support of MiFID II and beyond.”

“Signing this agreement with Boat Services represents an important step in creating a single, multi-asset trade reporting service for European capital markets,” said Nicolas Bertrand, Head of Equity and Derivatives Markets, London Stock Exchange Group. “Responding to demand from customers, this partnership will bring a comprehensive reporting solution to market quickly, ahead of new reporting requirements under MiFID II.”

For further information, please contact:
Jamie Khurshid
CEO
Boat Services Ltd
Tel. +44 (0)7956 590095
jamie.khurshid@cinnober.com
Fredrik Backlund
Head of Corporate Communications
Cinnober Financial Technology
Tel. +46-(0)73 403 12 39
fredrik.backlund@cinnober.com

About Boat Services
Boat was established in response to the regulatory pressures introduced when MiFID was implemented, offering MTFs, SIs and investment firms an easy and cost-efficient way to comply with the new transparency obligations. Ever since Boat’s inception, its core technology has been supplied by Cinnober. In 2014, Cinnober acquired Boat and the Swedish company will continue to provide technical services for the Boat LSE partnership. With the implementation of MiFID II and MiFIR, the primary purpose of Boat is as relevant as ever. Boat is committed to extending its services to help financial institutions stay apace with new regulatory obligations and create a competitive edge. Boat’s current service offering includes comprehensive OTC trade reporting and data services, as well as sophisticated trade surveillance, crossing and portfolio risk management. For additional information, please visit www.theboatplatform.com 

About Us

Cinnober Financial Technology, now part of Nasdaq, is a world-leading supplier of financial technology. Founded in Sweden in 1998, the company has offices in Stockholm, Umeå and London. 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 market surveillance. Cinnober’s customers include the Asia Pacific Exchange, Australian Securities Exchange, B3, Bitstamp, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE, OCC and the Stock Exchange of Thailand. Cinnober’s shares are traded on the Nasdaq First North exchange and the company’s Certified Advisor is FNCA Sweden AB. For additional information, please visit group.cinnober.com.

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Quick facts

Boat Services Ltd and London Stock Exchange Group (LSEG) today announced the signing of Heads of Terms to build a MiFID II compliant trade reporting service. The new service will offer customers a single, multi-asset, pan-European reporting solution to help them meet their real-time MiFID II trade reporting obligations.
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Quotes

With our combined strengths and complementary services, the partnership offers a one-stop shop to help ease the ever increasing and complex regulatory burden.
Jamie Khurshid, CEO of Boat Services Ltd