Boat Services Ltd.

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Boat Services Ltd.
Cinnober logga red RGB .gif
Founded 2006
Headquarters London
Key People Jamie Khurshid, CEO and Alastair Goodwin, Head of Business Development
Products MiFID-compliant trade reporting platform
Website www.theboatplatform.com

Boat Services Ltd., owned by Cinnober, is a MiFID-compliant trade reporting platform that enables investment firms to meet their pre-trade quoting and post-trade reporting obligations for European OTC equity trades. The platform collects, collates, validates and stores OTC trade data and publishes it to the market in real-time and provides trade surveillance, crossing and portfolio risk management.

The company partnered with the London Stock Exchange Group to provide MiFID II compliant reporting on a platform called TRADEcho, launched in June 2016. TRADEEcho was granted trade reporting approval for the Markets in Financial Directive II, or MIFID II in August 2017 by the UK's Financial Conduct Authority. That move allows TRADEEcho to publish post-trade transparency reports on behalf of investment firms, thus helping them meet reporting requirements.

By August 2017, more than 350 customers had sign-on to use TRADEEcho's reporting services.[1]

Background

In 2006, nine investment banks formed a consortium to create Markit BOAT.[2]

In 2007, Cinnober developed a pre-and post-trade reporting system for it. Cinnober acquired Boat from Markit in July 2014, taking full control of the European trade reporting service, which Markit had announced would be closed. However, Cinnober saw value in the service and demand for independent trade reporting. It changed the name to BOAT Services.

In 2015, the firm implemented a long-term strategy to include international banks, which includes the Boat Service. The goal is to offer the service to banks that are required to report OTC transactions beyond equities as a part of MIFID II. Cinnober partnered with the London Stock Exchange in September 2015 to offer a comprehensive, shared reporting service, which is based on MIFID II trade reporting requirements. It officially launched the service with the London Stock Exchange in June 2016. [3][4][5][6] [7][8][9][10][11]

Products and Services

Over 25 investment firms use Boat to meet their OTC equity MiFID reporting obligations.

The London Bullion Market Association (LBMA) in October of 2016 selected Boat (together with the fintech firm Autilla) as the chosen provider in the LBMA’s Request for Proposal (RfP) process, which aims to improve transparency and efficiency in the precious metals market.[12] In the first quarter of 2017, Boat and the LBMA launched a trade reporting service to support the development of valuation curves.[13]

Boat Services and London Stock Exchange’s TRADEcho service formed an alliance in January of 2017 to offer an open access Smart Report Router (SRR) to address requirements for investment firms laid out in MiFID II, including the requirement to publish trades to the market as close to real time as possible. The Smart Report Router determines if and when the buy or sell side counterparty should publish the trade, and where there is a requirement it routes that trade to an Approved Publication Arrangement (APA) of choice for publication.[14]

In January 2017, a new service called Boat Oasis was launched in a partnership with the not-for-profit called Oasis, a group of about 40 insurance and re-insurance space. It offers catastrophe risk models from a range of cat risk modelling providers globally to re-insurers. Boat Oasis offers a very different approach to catastrophe risk loss modeling for the global insurance sector and added new models to the platform in August 2017.[15]

Key People

References

  1. Boat Steps Up Preparations For MiFID II. Cinnober.
  2. Press Release. Markit.
  3. Press release. Cinnober.
  4. Banks to Sell Stake in Boat to Markit. Reuters.
  5. Cinnober acquires BOAT from Markit — independent European trade reporting service is here to stay. Cinnober.
  6. Yearend Report - January 1, 2015 to December 31, 2015. Cinnober.
  7. Press release. Cinnober.
  8. Banks to Sell Stake in Boat to Markit. Reuters.
  9. Cinnober acquires BOAT from Markit — independent European trade reporting service is here to stay. Cinnober.
  10. Yearend Report - January 1, 2015 to December 31, 2015. Cinnober.
  11. LSEG and Boat Services to build MiFID II Trade Reporting solution. Cinnober.
  12. Cinnober's Boat cuts reporting deal with LBMA. FOW.
  13. LBMA announces Cinnober's Boat as the chosen provider for trade reporting and transparency project. Cinnober.
  14. LSE/Boat JV TRADEcho launches MiFID II Smart Report Router. Finextra.
  15. Boat gains momentum with catastrophe risk modelling platform. Boat Services.