Boat Banks to name vendor
LONDON—"Project Boat"—a consortium of nine banks that is creating an off-exchange trade reporting facility—is close to naming the vendor that will provide the underlying technology for the planned OTC trade data platform, according to sources familiar with the situation.
The unnamed vendor is "way out in front" in the race to win the contract for the platform, as a result of its scalability and low cost, one source says.
However, selecting a provider is only the first step in the project. The unnamed vendor would provide the reporting platform, this source says, which is only the first stage. Billing, record-keeping and marketing functions will all need to be added, and to this end, the consortium is now looking to staff Boat with experts sourced from
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