Cinnober acquires BOAT from Markit — independent European trade reporting service is here to stay
This feature is upgradeable
For End Users
You can activate this feature and other links for ALL VENDORS with a VendorMatch Premium subscription. Additionally you can gain access to an increased depth of data, summary reports, RFX reports (detailed completed RFIs - available to financial institutions only) and comparison grids. Please click here for more information on Premium features.
For Vendors
Vendors can activate their links and gain access to analytics by upgrading to VendorMatch PRO. Please click here for more information
Ask an Analyst
Ask an analyst is the ability to communicate with one of our analysts about this vendor, system or genre of solution.
Survey Summary
The Survey Summary provides a download of the vendor profile, solution profile and the VendorMatch Discovery survey vendor responses used to power the directory. All responses are provided by the vendor online.
Note that this report is a high level summary of the vendor's credentials and a solution's capabilities designed to assist with solution short-listing. The RFX report is the more comprehensive Request For Information report designed to support evaluation and selection, this will only show where the vendor has completed the "RFX" RFI.
HOW TO SUBSCRIBE
To protect vendor data only financial institutions and recognized advisors can subscribe to VendorMatch Premium. Please click here for more information on Premium features or contact us to discuss a subscription.
RFX Report
The RFX report is an XLS download of the Vendors response to the “RFX” Request for Information for this solution.
The RFX is a centralized golden copy of a RFI authored by our analysts based on their expertise in running real-life system evaluation and selection projects and completed by the vendor online.
Note to protect vendor that only Financial Institutions and recognized Advisor can subscribe to this feature.
In each instance the first time the link is used the user requests permission to access the RFX report and it is the vendor who is required to authorizes access. You will be alerted when the vendor has reviewed your request and granted permission.
HOW TO SUBSCRIBE
You can activate this feature with a VendorMatch Premium subscription. Please click here for more information on Premium features or contact us to discuss a subscription.
To learn more about subscribing to our service options, please contact us here
Cinnober Financial Technology today announced the acquisition of Markit Trade Reporting (“BOAT”) from Markit with Cinnober taking full control of BOAT’s European trade reporting service as of July 1st. Earlier this year, Markit announced plans to discontinue the trade reporting service. However, with significant market demand for an independent trade reporting service and an extensive client base, Cinnober has decided to acquire BOAT. Cinnober has provided the core technology and operated the BOAT platform since its inception in 2007.
“This acquisition reflects our long-term strategy to increase our footprint in providing services to banks and brokers,” said Cinnober’s CEO Veronica Augustsson. “The BOAT platform has huge potential for further development and the demand for a continued service and a broader offering is very high according to discussions we’ve had with customers. More than 40 leading investment firms and MTFs currently report trades and quotes to BOAT, which is more than any other platform. We fully expect that number to increase as we build on the service offerings.”
BOAT is a MiFID-compliant trade reporting platform that enables MTFs and investment firms to meet their pre-trade quoting and post-trade reporting obligations 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.
Mark Schaedel, managing director of equities at Markit, said: “We believe the sale of BOAT to Cinnober is in the best interests of customers as it provides a seamless transition for their trading reporting requirements. We have a long-standing relationship with Cinnober and are pleased that they will continue to provide the service.”
“The reasons why BOAT was set up in the first place under MiFID are still very pertinent today, which is why the customers we have spoken to have had a very positive response to the service continuing under Cinnober,” says Jamie Khurshid, CEO of Cinnober’s BOAT Services. “The transition in ownership will have no effect on current operations for customers and we will offer cost-effective and independent services. The Cinnober product portfolio covers the entire trade lifecycle, from price discovery, real-time risk management, compliance and surveillance, through to our world-leading clearing capabilities, all of which can be added as services to the BOAT platform to increase the value of the offering to our customers.”
Jamie Khurshid added: “We see BOAT as a perfect fit for us to be able to offer world-class technology and services to the banking and broking communities using this service.”
Christian Katz, CEO of SIX Swiss Exchange said: “We welcome the seamless transition and a continuity of service offering this transaction offers, which enables our mutual members to continue to meet their reporting obligations”.
BOAT was founded in 2006 by a consortium of banks in order to create a neutral hub in conjunction with the introduction of MiFID and other market regulations. Its technical solution, based on Cinnober TRADExpress, has been in operation since 2007. BOAT was sold to Markit in 2007 and was subsequently rebranded to Markit Trade Reporting.
Since its inception 15 years ago, Cinnober has established a world-leading position within financial technology for marketplaces and clearinghouses. Current customers include major global players with extremely high demands for reliability and performance, such as BM&FBOVESPA, Deutsche Börse, Dubai Gold & Commodities Exchange, the London Metal Exchange, LME Clear, Quadriserv, MarkitSERV and the Stock Exchange of Thailand. Given the current regulatory climate, the company’s customer profile is naturally broadening to include banks and brokers.