NYSE Technologies, the commercial technology unit of NYSE Euronext and Markit, a UK-based financial information services company, have launched 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, a trade reporting venue, within its own range of market data products. According to NYSE Technologies, this will give joint users access to trade reports on an average of roughly EUR30bn 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 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.
Mark Schaedel, senior vice president for global data products at NYSE Technologies, said: “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.”
Niall Cameron, executive vice president for Markit, said: “Data consolidation within the European equity markets can be made possible if all publication venues work together to harmonize their datasets. It is in that spirit that we are launching this initiative with NYSE Euronext. This is a wide-ranging and ambitious project that we hope will attract a number of other publication venues across Europe.”