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.
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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.
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