An industry solution that brings unrivalled visibility

In 2006 nine leading investment banks formed a consortium to create Markit BOAT™, a central platform for the collection, collation, validation and distribution of European OTC pre- and post-trade information as required by MiFID. They realised that the onerous demands of MiFID could best be met by working together to build a single solution for the trading community. Their aim was to create a robust, real-time platform using standard industry technology that enables all European equity dealers to meet their regulatory requirements.

Consolidating a fragmented market

Crucially, they saw that MiFID provides the opportunity to consolidate the hitherto fragmented market of European OTC equities. A centralised reporting venue used by many of the leading investment houses would produce a huge amount of validated real-time trading data. This information would bring clarity to an otherwise disparate and opaque market and be of real value to trading decision-makers.

The Markit BOAT™ technology software is provided by Cinnober.  Cinnober, founded in 1998, provides proven exchange software to, among others, the American Stock Exchange, Borsa Italiana, CBOE, Euronext.Liffe and the LME.

Cypoint has designed the infrastructure required for the operation of the BOAT platform. Cypoint is also responsible for providing operation monitoring and support services in co-operation with Cinnober.

Markit, founded in 2001, purchased BOAT™ in 2007. Markit  has a  proven ability to manage new data businesses. It is a leading provider of high quality market data to the financial services sector. It offers value added services across data, risk management, post trade processing and valuations.

The Markit BOAT consortium: