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TRADEcho strengthens position as a market leader with 259 firms now contracted for MiFID II trade reporting

Press releases - 21.05.2017

TRADEcho, the partnership between London Stock Exchange and Boat Services providing a one stop shop for MiFID II transparency services, saw a very positive increase in sales in Q1 and Q2. This recent sales momentum reaffirms TRADEcho’s position as a market leader for pre and post-trade transparency services for MiFID II.

TRADEcho’s client list includes a broad range of clients in every MiFID asset-class, from the largest Tier 1 buy-side and sell-side clients to smaller regional brokers and other MiFID investment firms.

With less than 230 days until MiFID II firms are beginning to recognise the importance of finalising their MiFID II transparency arrangements; and an increasing number are choosing TRADEcho as their preferred MiFID II multi-asset class trade and quote publication service.

A significant factor that has driven TRADEcho’s recent sales momentum is the launch of an Assisted Reporting Service.

MiFID II introduces the seller’s obligation, such that buy-side firms can no longer outsource the liability of correctly publishing trades to their sell-side counterparty. It is, however, possible for brokers to assist clients in publishing trades, and TRADEcho’s Assisted Reporting Service facilitates this, helping firms meet their regulatory obligations*.

Assisted reporting is anticipated to be a service that the sell side will provide to many customers. TRADEcho remains the only all-asset class assisted reporting solution for firms wanting to use only one APA. Many firms are also leveraging TRADEcho’s unique APA agnostic Smart Report Router(SRR) - a utility for the marketplace - to faciliate this and satisfy customer demand.

In addition to the increasing number of firms signed up to the service, TRADEcho will strengthen its network with the migration of firms currently trade reporting on London Stock Exchange, taking place on 19 June 2017.

Jamie Khurshid, CEO of Boat Services said:
“Simplifying complex business problems is at the heart of what we do and we are proud to deliver services that the market sees value in and has asked for. TRADEcho is in a great position for MiFID II and we expect continued sales growth throughout 2017”

Scott Bradley, Head of Sales for LSE Cash Secondary Markets & Turquoise said: “TRADEcho brings together an unparalleled wealth of knowledge and expertise in both on-exchange and OTC trade reporting which provides true peace of mind to clients looking for a solution to meet their MiFID II post trade requirements. Existing LSE members and new customers to the service can also gain access to a host of value add tools and services designed to navigate this potentially challenging landscape.”

For further information, please contact:
Per Loven
Commercial Director | TRADEcho
Tel: +44 (0) 2038721944 | per.loven@cinnober.com

*TRADEcho are running a webinar on their Assisted Reporting offering on May 31. Email demos@tradecho.com to register.

About TRADEcho TRADEcho is the suite of reporting services hosted and operated by the London Stock Exchange, brought to market in partnership with Boat Services. TRADEcho has been formed in direct response to client feedback for compliant, simplified and cost effective reporting services. With MiFID II on the horizon, the London Stock Exchange and Boat chose to combine their strengths to form a team of industry, regulatory and technical experts.

The existing London Stock Exchange and Boat MiFID trade reporting services are currently being combined, bringing together the complementary strengths of Boat’s OTC reporting and the London Stock Exchange’s primarily on exchange reporting. Alongside the partners in the group, such as UnaVista and MTS, TRADEcho truly is a one-stop shop for pre and post-trade reporting. For further information, please visit www.tradecho.com.

 

About Boat Services
Boat was established in 2007, offering MTFs, SIs and investment firms an easy and cost-efficient way to comply with transparency obligations. Ever since, Boat has operated with exceptional uptime, and is the trade data monitor (TDM) with the most comprehensive offering of reportable instruments, including more than 10,000 stocks and ETFs across Europe, the Swiss and Russian markets.

Ever since Boat’s inception, its core technology has been supplied by Cinnober. In 2014 Cinnober acquired Boat ensuring the continued existence of a specialized provider, committed to the long-term delivery of transparency services to the benefit of the industry. In 2016 Boat expanded its product offering to include services for the London Bullion Market Association (LBMA) and the insurance industry. For further information, please visit www.theboatplatform.com.

 

About London Stock Exchange Group
London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.

The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors unrivalled access to Europe's capital markets.

Post-trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.

Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people. Further information on London Stock Exchange Group can be found at www.lseg.com