Post-MiFID Market Transparency Initiative
05 July 2010 New York
Image: Shutterstock
NYSE Technologies, the commercial technology unit of NYSE Euronext and Markit, a leading, global financial information services company, has announced the launch of a joint initiative designed to consolidate data and enhance transparency in the European over the counter (OTC) equity markets.
As part of this initiative, NYSE Technologies will integrate data from Markit BOAT, the largest trade reporting venue in Europe, within its own range of market data products. This will give joint users access to trade reports on an average of roughly EUR 30 billion of OTC trades in equities every day which is equivalent to approximately 80% of the daily volumes traded on all European equity markets through April 2010.
The initiative is open to other publication venues in Europe in order to give market participants access to the most comprehensive dataset on the European OTC equity markets from a single source.
"By working with Markit, we will offer our diverse client base and vendor community a consolidated OTC trade data product that provides enhanced levels of transparency, broad market coverage and simplifies data distribution," said Mark Schaedel, Senior Vice President, Global Data Products, NYSE Technologies. "We are very excited to be working toward a seamless, market-wide OTC data solution with Markit that improves the quality of market data across Europe's cash equity markets."
"Data consolidation within the European equity markets can be made possible if all publication venues work together to harmonise their datasets. It is in that spirit that we are launching this initiative with NYSE Euronext," said Niall Cameron, Executive Vice President, Markit. "This is a wide-ranging and ambitious project that we hope will attract a number of other publication venues across Europe."
The new service will include deployed data feeds, hosted and managed solutions, web services and historical products. NYSE Technologies will also integrate data from Markit BOAT and other data providers into packaged solutions which provide customers with a single view of activity across all major European cash equity markets.
NYSE Euronext customers, including investors connecting directly and data vendors, can access OTC feeds from Markit, NYSE Euronext or both post trade products in a consolidated format via NYSE Technologies' Secure Financial Transaction InfrastructureTM (SFTI) network. The feeds will also be available in NYSE Euronext's data centres and via a low cost, easy access NYSE Technologies web services platform to be launched later this year. Both parties remain committed to working with CESR, the European Commission and their respective data contributors and consumers to ensure that these offers support all future MiFID requirements.
As part of this initiative, NYSE Technologies will integrate data from Markit BOAT, the largest trade reporting venue in Europe, within its own range of market data products. This will give joint users access to trade reports on an average of roughly EUR 30 billion of OTC trades in equities every day which is equivalent to approximately 80% of the daily volumes traded on all European equity markets through April 2010.
The initiative is open to other publication venues in Europe in order to give market participants access to the most comprehensive dataset on the European OTC equity markets from a single source.
"By working with Markit, we will offer our diverse client base and vendor community a consolidated OTC trade data product that provides enhanced levels of transparency, broad market coverage and simplifies data distribution," said Mark Schaedel, Senior Vice President, Global Data Products, NYSE Technologies. "We are very excited to be working toward a seamless, market-wide OTC data solution with Markit that improves the quality of market data across Europe's cash equity markets."
"Data consolidation within the European equity markets can be made possible if all publication venues work together to harmonise their datasets. It is in that spirit that we are launching this initiative with NYSE Euronext," said Niall Cameron, Executive Vice President, Markit. "This is a wide-ranging and ambitious project that we hope will attract a number of other publication venues across Europe."
The new service will include deployed data feeds, hosted and managed solutions, web services and historical products. NYSE Technologies will also integrate data from Markit BOAT and other data providers into packaged solutions which provide customers with a single view of activity across all major European cash equity markets.
NYSE Euronext customers, including investors connecting directly and data vendors, can access OTC feeds from Markit, NYSE Euronext or both post trade products in a consolidated format via NYSE Technologies' Secure Financial Transaction InfrastructureTM (SFTI) network. The feeds will also be available in NYSE Euronext's data centres and via a low cost, easy access NYSE Technologies web services platform to be launched later this year. Both parties remain committed to working with CESR, the European Commission and their respective data contributors and consumers to ensure that these offers support all future MiFID requirements.
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