Nine Banks Organize to Build Mifid Utility

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 pla

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