Boat to launch APA reporting service for MiFID II transparency
Boat Services, the OTC trade reporting service provider owned by technology vendor Cinnober plans to introduce a MiFID II compliance solution, offering publication services for all instrument classes.
MiFID II will introduce a new regulated entity called an Approved Publication Arrangement to harmonise standards across Europe. This will replace the UK’s Trade Data Monitor construct. Boat will apply to the FCA in the UK when APA registration is available in 2016.
The service will cover bonds, structured finance products, derivatives and emission allowances. Boat’s intention is to offer a comprehensive and continuously updated solution.
“Firms are searching for sustainable solutions that keep up with the pace of regulatory change. Boat will continue to offer clients a safe harbour once MiFID II takes effect, with easily accessible and reliable services in a complex regulatory landscape.” said Alastair Goodwin, newly appointed head of business development at Boat Services.
Boat is the only exchange-independent trade data monitor, and claims to have more investment firms reporting to it than any other platform. It enables SIs, MTFs and investment firms to meet their pre-trade quoting and post-trade reporting obligations for all their European OTC cash equity trades.
Cinnober has provided Boat’s core technology since it started seven years ago. “Boat’s primary purpose of ensuring regulatory compliance is as relevant as ever as MiFID II and MiFIR implementation advances,” said Jamie Khurshid, chief executive of Boat Services. “Cinnober and Boat have a common strategy to extend the Boat offering into an ultramodern service utility.”