01 July 2010 News

 

NYSE Technologies and Markit plan consolidated OTC equity service for Europe

NYSE Technologies and financial information provider Markit, have established a joint initiative to consolidate data and enhance transparency in the European over the counter equity markets.

As part of this initiative, NYSE Technologies will integrate data from the Markit BOAT trade reporting venue into its market data products, giving access to trade reports on an average of roughly 30 billion of OTC trades in equities a day - 80% of the daily volumes traded on all European equity markets at April levels.

The partners say that they are open to other parties joining the initiative to create a comprehensive dataset on the European OTC equity markets from a single source.

"Data consolidation within the European equity markets can be made possible if all publication venues work together to harmonise their datasets. It is in that spirit that we are launching this initiative with NYSE Euronext," said Niall Cameron, executive vice president, Markit. "This is a wide-ranging and ambitious project that we hope will attract a number of other publication venues across Europe."

Mark Schaedel, senior vice president, Global Data Products, NYSE Technologies, said: "We are very excited to be working toward a seamless, market-wide OTC data solution with Markit that improves the quality of market data across Europe's cash equity markets."

The new service will include deployed data feeds, hosted and managed solutions, web services and historical products. NYSE Technologies will also integrate data from Markit BOAT and other data providers into packaged solutions which provide customers with a single view of activity across all major European cash equity markets.

NYSE Euronext customers, including investors connecting directly and data vendors, can access OTC feeds from Markit, NYSE Euronext or both post trade products in a consolidated format via NYSE Technologies' Secure Financial Transaction Infrastructure network. The feeds will also be available in NYSE Euronext's data centres and via a low cost web services platform to be launched later this year.