A consortium of nine investment banks has appointed a
technology supplier and a company to handle contracts for a giant
project to create a pan-European information sharing platform for
equity trading.
The banks’ Boat Project has chosen Swedish supplier
Cinnober to build the platform and Markit to do deals with brokers,
fund managers, and market data suppliers that want to use the
platform.
The platform has to go live by November this year in time for
the European Union’s
Markets in Financial Instruments Directive
(Mifid), which will come into force in all 25 EU countries on 1
November.
The consortium expects that using a single platform to
distribute its trading information across Europe will be a lot
cheaper than distributing the information separately in each
country.
The investment banks in the consortium are ABN Amro, Citigroup,
Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch,
Morgan Stanley and UBS.
Euronext to switch trading platform as merger
nears
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