Equiduct Challenges Project Boat
LONDON—Although Project Boat has been recently hailed as the answer to one of the key Mifid reforms to come on Nov. 1, 2007, the initiative is facing challenges from the newly created Equiduct as well as from other exchanges mulling their own offers.
Project Boat is slated to provide in a post-Mifid world pre- and post-trade reporting of off-exchange, over-the-counter (OTC) equities transactions. The Project Boat group, officially announced in September, is a consortium of nine investment banks—ABN Amro, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Merrill Lynch, Morgan Stanley and UBS—declaring that they would collaborate to construct a system for posting off-exchange OTC equities transactions (DWT, Oct. 23)
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