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Banks gang up for MiFID reporting
Don't rock the Boat...

By Julian Goldsmith

Published: Wednesday 04 April 2007

A consortium of nine investment banks has awarded BT and Colt contracts to co-host a data repository enabling them to meet trade data reporting regulations ahead of time.

Dubbed Boat, the consortium is made up of ABN AMRO, Citigroup, Credit Suisse, Deutsche bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS.

Cheat Sheets

♦ Basel II
♦ MiFID
♦ Sarbanes-Oxley

Boat will collect, manage and distribute European equity quote and trade report data in order to meet its contributors' trade data reporting and pre-trade price transparency requirements under MiFID (the Markets in Financial Instruments Directive).

The two service providers will host the application - developed by Cinnober - in tandem, with databases synchronised between both sites to ensure contributors will be able to connect to the platform through either provider.

The service is due to go online by September. No financial details for the contract have been disclosed.

In a statement, a Boat spokesman said: "The choice of two separate hosting centres will ensure we have the highest quality of continuity. Contributors can be confident that we will have a robust and easily accessible solution for the pan-European market well ahead of the introduction of MiFID."