Nine Banks Organize to Build Mifid Utility
LONDON—Nine global securities firms have gone public with plans to create a trade data and market data dissemination platform to take advantage of the EU’s Markets in Financial Instruments Directive (Mifid) market structure reforms.
Last week, ABN Amro, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS signed a letter of intent and term sheet to gather trade transparency information across Europe.
The consortium is now in the process of finalizing the selection of a technology provider to develop the new platform. A Request for Proposal (RFP) was sent to service providers this past July. A vendor is expected to be selected by sometime next month.
In its first phase, the
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